How Much Oil Does US Import From Russia? Here’s What Biden’s Ban Actually Means; West Hits Russia With Oil Bans

By New York Post. The US has banned imports of Russian oil and natural gas in retaliation for the Kremlin’s invasion of Ukraine – a move that will further complicate the Biden administration’s effort to tamp down energy costs for American households.

President Biden announced the ban following days of bipartisan pressure to take action against Russia’s energy sector, which went largely untouched in previous rounds of sanctions. Europe remains heavily reliant on Russian oil, even as it attempts to isolate the Kremlin in response to the invasion.

Biden and other proponents say the ban is necessary to limit Russia’s sources of income – though the president acknowledged US motorists will be paying even more at the pump. . .

While far less reliant on Russian oil and gas than its European counterparts, the US did import some supply prior to the ban. The US imported about 672,000 barrels per day of crude oil and petroleum products from Russia in 2021, according to data from the Energy Information Agency. That total accounted for roughly 8% of all US imports.

Most of the oil and related products the US imports come from Canada, which supplies more than 51%. Mexico and Saudi Arabia are also key suppliers. (Read more from “How Much Oil Does US Import From Russia? Here’s What Biden’s Ban Actually Means” HERE)

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War in Ukraine: West Hits Russia With Oil Bans and Gas Curbs

By BBC. The US and UK are banning Russian oil and the EU is ending its reliance on Russian gas, stepping up the economic response to the invasion of Ukraine.

US President Joe Biden said the move targeted “the main artery of Russia’s economy”.

Energy exports are a vital source of revenue for Russia but the move is also likely to impact Western consumers.

Major brands have meanwhile continued to pull out of Russia, with McDonald’s and Coca-Cola the latest to leave.

Russia’s economy is heavily dependent on energy. It is the world’s third-biggest oil producer, behind Saudi Arabia and the US. (Read more from “War in Ukraine: West Hits Russia With Oil Bans and Gas Curbs” HERE)

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