Saying America doesn’t want any part of subsidizing Vladimir Putin’s war on Ukraine, President Joe Biden’s announced a ban on Russian oil, natural gas and refined product imports in response for the invasion.
”Americans have rallied to support the people of Ukraine and made it clear we will not be part of subsidizing Putin’s war,” Biden said.
”We’re moving forward, understanding that many of our European allies may not be in a position to join us. We can take this step when others cannot,” calling it a ”powerful blow” striking at ”the main artery of the Russian economy.”
European countries are more dependent on Russisan oil and are not in a position to quickly replace the supply.
About half of Russian energy exports currently go to NATO countries.
Russia’s one of the largest oil producers in the world; responsible for about 10% of global supply.