Stock Groups

U.S. may act alone to ban Russian oil imports, sources say -Breaking

[ad_1]

© Reuters. FILE PHOTO: A Chevrolet pickup truck drives past fuel pumps at Terrible’s Road House, the world’s largest Chevron gas station, in Jean, Nevada, U.S., February 27, 2022. REUTERS/Bing Guan/File Photograph

Timothy Gardner and Jarrett Renshaw

WASHINGTON (Reuters). Despite Russia’s invasion of Ukraine, the United States plans to continue with a ban against Russian oil imports.

As his administration seeks support from France and Germany for an oil embargo, Joe Biden conducted a video conference with leaders in France, Germany and Britain on Monday.

A source said that the White House was also in negotiations with U.S. congressional officials who are working to speed-track legislation that would ban Russian imports. The move forces the administration into a fast timeline and a conditional anonymity.

A top U.S. official spoke on condition that Reuters not be identified, but said there was no decision, and it is possible only the U.S. would make it happen.

Germany is the largest buyer of Russian energy and has rejected any plans to prohibit imports. German Chancellor Olaf Scholz on Monday said that Germany has been accelerating its efforts to use alternative sources of energy, but it cannot stop Russian imports overnight.

Due to the delays in Iran’s potential return to international markets, and the United States and European Allies considering banning Russian imports, oil prices are at their highest level since 2008.

Europe depends on Russia to get its crude oil. However, Europe has become opener to the possibility of banning Russian products. While the United States depends less on Russian oil and its products, it would be a good idea to ban them. This could drive up prices and squeeze American motorists who are already paying higher prices for gas.

Jen Psaki (White House Press Secretary) stated to reporters that the United States imports a much smaller amount of oil from Russia as Europeans. “It is very different situation.”

U.S. House of Representatives Speaker Nancy Pelosi stated in a Sunday mail that her chamber is looking at legislation to prohibit the import of Russian crude oil. She also said that Congress plans to enact $10 Billion in assistance for Ukraine to counter Moscow’s military invasion of neighboring Ukraine.

The bill was introduced by a bipartisan group comprising U.S. senators on Thursday. It would ban U.S. oil imports from Russian. Fast-tracking is underway for the Senate bill.

The White House placed sanctions on technology exports to Russia after the invasion of Ukraine. This included the Nord Stream 2 pipeline and refineries in Russia.

As the Biden Administration weighs the effects on oil markets worldwide and U.S. prices for energy, so far the United States has not taken Russia’s exports of oil and gas seriously.

On Sunday, U.S. Secretary-of-State Anthony Blinken was asked whether the United States would ban Russian oil imports unilaterally. He said that “I don’t rule out action one way, or another. Regardless of what they do but all we’ve done, it starts with coordinating and working with allies”

The White House also confirmed that Biden could be visiting Saudi Arabia, as part of the United States’ efforts to encourage Riyadh’s energy production. Axios reports that such a trip is possible.

A White House official stated that “this is speculation” and that no trip was planned.

Biden made a shift in U.S. strategy away from Saudi Crown Prince Mohammed bin Salman a year ago. This is considered the de facto leader and next in line for the throne of Saudi Arabia by 85-year-old King Salman.

[ad_2]