In a retaliatory move against Russia’s war on Ukraine, US President Joe Biden announced that he is banning the import of oil and gas energy from Russia. He called it another powerful blow from the American people to the Russian President Vladimir Putin’s war machine.
The move appears to be in tandem with the United States’ European allies. Earlier, Italy said it would cut its dependency on Russian oil and energy in two years. Likewise, Britain announced it would phase out Russian oil and gas imports before the year-end.
Working in collaboration with its allies in Europe, the US aims to isolate Russia and cause significant damage to its energy-dependent economy. However, the move will have a consequential impact on global oil prices.