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UKRAINE: US announces ban on Russian oil

PRESIDENT Biden has confirmed a complete US ban on Russian oil, gas and coal imports.

He says the move means the “American people will deal another powerful blow” to Putin’s leadership.

“We will not be part of subsidising Putin’s war,” Biden adds.

Despite mounting fears of rising gas prices, the move has widespread bipartisan political support in the US.

Oil prices have been surging in anticipation of Biden’s announcement – with the price of brent crude, the international benchmark, rising more than 5%, to $130 a barrel.

The US move is more immediate than in Europe, which is far more reliant on Russian oil and gas.

Biden stated also that the decision to ban Russian oil imports was taken “in close consultation” with allies.

Speaking at the White House, the president says he expects gas prices to rise following the move, but urges oil firms not to engage in “excessive” price hikes.

“There will be cost as well here in the United States,” he says, but says that is the price to pay for “defending freedom”.

Biden says Russian President Vladimir Putin “seems determined to continue on his murderous path, whatever the cost”.

But he says Ukraine “will never be a victory for Putin”.

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Naija Times