The United States and Britain announced Tuesday they are cutting off imports of Russian oil, in the most far-reaching action yet by Western allies to punish Moscow for invading Ukraine.
President Joe Biden announced the US embargo, part of a broader prohibition including Russian natural gas and coal, with US Democrats threatening legislation to force his hand, despite the likely impact on already soaring gas prices.
“Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin’s war machine,” Biden said, adding that the decision was taken “in close consultation” with allies.
“Ukraine will never be a victory for Putin,” Biden vowed from the White House, minutes after Britain announced that Europe’s second-largest economy would phase out Russian oil imports by the end of the year.
“Putin may be able to take a city, but he will never be able to hold the country.”
The US ban has support from both parties in Washington, although economists have been divided on the effect of turning off the spigot, with oil prices already soaring above $120 a barrel.
Brent crude, the international benchmark, rose by more than five percent on Tuesday on news of Biden’s imminent announcement
