Earlier today, President Joe Biden announced that the United States will ban imports of Russian oil and other energy products.
PNC’s Don Sulat has the report on this story…
President Biden reported that the decision was made in consultation with the United States Allies and partners around the world, particularly in Europe.
Biden also reported that they are moving with the Ban understanding that many of the US’s European Allies and partners may not be in a position to join them.
According to ABC News, earlier this week lawmakers announced that they had come to a deal on bipartisan legislation that would quote, “Punish Russia for its invasion of Ukraine, by banning the import of Russian oil and other energy products, as well as suspending normal trade relations with Russia.”
Biden also addressed the rise in fuel cost this ban will make towards the America people.
In order to minimize the rising cost of fuel, the President announced that, in coordination with US’s partners, they are releasing 60 million barrels of oil from joint oil reserves.