'We will not be part of subsidising Putin's war,' Biden declared, calling the new action a 'powerful blow' against Russia's ability to fund the ongoing offensive
Joe Biden. File Pic
President Joe Biden announced that the US will ban all Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, but he acknowledged it will bring costs to Americans, particularly at the gas pump.
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The action follows pleas by Ukrainian President Volodymyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
"We will not be part of subsidizing Putin's war," Biden declared, calling the new action a "powerful blow" against Russia's ability to fund the ongoing offensive. He warned that Americans will see rising prices, saying, "Defending freedom is going to cost."
Biden said the US was acting in close consultation with European allies, who are more dependent on Russian energy supplies. The European Union this week will commit to phasing out its reliance on Russia for energy needs as soon as possible, but filling the void without crippling EU economies will likely take some time.
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