Speed Reads

'Putin's price hike'

Biden announces ban on Russian oil imports 'to inflict further pain on Putin'

President Biden has officially announced the United States will impose a ban on Russian oil imports over the country's invasion of Ukraine. 

Speaking from the White House on Tuesday, Biden said the U.S. is "targeting the main artery of Russia's economy" by banning imports of Russian oil and gas. 

"We will not be part of subsidizing Putin's war," Biden said, adding that "this is a step that we're taking to inflict further pain on" Russian President Vladimir Putin.

Biden said the move will not be "without cost" in the United States, though, acknowledging that the war is "hurting American families at the gas pump," and he said he would work to "minimize" what he described as "Putin's price hike." But Biden said, "Defending freedom is gonna cost. It's gonna cost us, as well, in the United States. Republicans and Democrats alike understand that." 

Biden had faced pressure to take the step in the wake of Russia's attack on Ukraine and its ongoing invasion of the country. Shell previously announced Tuesday it wouldn't buy any more Russian oil or gas, and the United Kingdom is also reportedly set to ban Russian oil imports

The United States previously imposed numerous sanctions on Russia, which Biden said Tuesday are "causing significant damage to Russia's economy." Biden also said the crisis is a "stark reminder" that "to protect our economy over the long term, we need to become energy independent."