Washington bans Russian oil and gas imports over Moscow’s invasion of Ukraine

US President Joe Biden announced a ban on all Russian oil and natural gas imports on March 8, 2022. The move came after growing calls from US lawmakers for Washington to make such a move to punish Moscow for its invasion of Ukraine. European Union nations and the UK are also taking steps to try and reduce their dependence on Russian oil. But there are concerns that any curbs on the flow of Russian oil could accelerate already skyrocketing refined energy prices around the world.