House Votes to Ban Russian Oil Imports Amid Bipartisan Uproar -Breaking
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© Reuters. Bipartisan Chaos: House Votes to Ban Russian Oil Exports(Bloomberg). The House passed legislation banning U.S. oil imports from Russia. Both parties wanted stronger sanctions for Russia’s invasion of Ukraine.
Following President Joe Biden’s Tuesday implementation of a ban on Russian imports and other fossil fuel product, the vote of 414-17 was cast. This move was partly due to legislative pressure. The House legislation also takes steps to review Russia’s access to the World Trade Organization and reauthorizes and strengthens the Magnitsky Act, which calls for sanctions on human rights offenders.
It would take effect within 45 days of its signing into law. It also has a provision allowing the president to importation of some products if it is “in the national interest,” subject to review by Congress.
“The Russian regime relies on energy sales to fund many of its offenses,” said Representative Richard Neal, a Massachusetts Democrat. “This bill will cut off some of the revenue with a ban on the import of Russian oil and energy products into the United States. The more economic pain we inflict” on Russian President Vladimir Putin, “the more pressure he will feel to finally feel to end this brutal campaign of terror on the Ukrainian people.”
The legislation doesn’t include a provision revoking permanent normal trade relations status for Russia, which key lawmakers in both parties supported. That provision, which would have allowed tariff increases on the full range of Russian exports and spelled out conditions for restoring Russia’s status, was removed after a request from the White House, a person familiar with the discussion said.
It wasn’t clear, however, whether the legislation would be considered in the Senate. Senate Majority Leader Chuck Schumer praised Biden’s action to ban Russian energy imports but so far has made no commitment to having his chamber take up separate legislation.
“We’ll first have to see what the House passes and then we’ll discuss things with the administration and find the best way to make sure that the oil export ban is tight and tough,” Schumer said on Tuesday.
Senator Joe Manchin, a West Virginia Democrat who co-sponsored a bipartisan bill to enact a ban on Russian fossil fuels, told reporters he didn’t see the need for the legislation after Biden acted. Others wished to give the Obama administration some freedom to act.
On Wednesday evening, Senator Ron Wyden of Oregon, a Democrat, presented legislation banning the import of Russian crude oil or any other fossil fuel. This legislation was co-authored and signed by Senator Mike Crapo (a Republican from Idaho), which reflects the bipartisan agreement that both chambers reached earlier in this week.
In light of the effects on energy prices, however, the White House has been reluctant to lower Russian oil imports. Once Congress became aware of the need to act, the administration asked Nancy Pelosi to delay the passage of separate legislation so that the president could take initiative.
Even amid complaints about gasoline prices, the American public was shifting to support inflicting stronger punishment on Putin’s government. According to a Quinnipiac University survey, 71% said that they support prohibiting Russian oil, even if it meant more expensive gasoline.
According to AAA (auto club), the average retail price of a gallon gasoline was $4.173 Monday. This record is not adjusted for inflation.
The Energy Information Administration reported that Russia made up about 8% in U.S. oil imports for 2021, when crude oil is included with all other petroleum products, including unfinished fuel oils that can be used to make gasoline and diesel.
©2022 Bloomberg L.P.
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