US bans Russian oil and natural gas, Britain to halt imports by end of year
- ‘Americans have rallied to support the Ukrainian people and made it clear we will not be part of subsidising Putin’s war,’ says US President Joe Biden
- Move comes as fuel prices are soaring, and Biden warns American consumers of the need for sacrifice
US President Joe Biden announced a US embargo on Russian oil and natural gas on Tuesday, a move that adds more muscle to Western sanctions but also more pressure on the global economy.
Britain said it would eliminate Russian imports by year’s end, but European allies heavily dependent on Russian gas have so far remained on the sidelines over oil.
The moves are the latest in an unprecedented series of sanctions and export controls imposed by Western allies on banks, oligarchs and strategic industries after Russian President Vladimir Putin’s order to invade Ukraine.
“Americans have rallied to support the Ukrainian people and made it clear we will not be part of subsidising Putin’s war,” Biden said, adding that the move was made in consultation with European allies.
“We remain united and our purpose to keep pressure mounting on Putin and his war machine.”
British Prime Minister Boris Johnson said his country would phase out Russian oil and related products by the end of 2022 so industry had time to adjust.