Biden to ban US imports of Russian oil in bid to punish Putin

Biden to ban US imports of Russian oil in bid to punish Putin

US president Joe Biden is set to announce a ban on imports of Russian oil into the country, according to a White House official, as Washington seeks to ramp up economic sanctions on Moscow over its invasion of Ukraine.

The move follows days of debate within the Biden administration and between the US and western allies about the merits of banning Russian oil to punish Russian president Vladimir Putin for the attack on Ukraine, as well as the danger it could trigger a new shock to global energy markets.

It is likely to raise the pressure on European powers to follow suit, but Germany has thus far led resistance to any prohibition on buying Russian crude on the continent.

A ban on US imports will be far less disruptive to global markets than a full international embargo as only a small proportion of Russian shipments go to the US.

Russia, the world’s largest oil exporter, shipped nearly 8mn barrels a day of crude and petroleum products to global markets at the end of last year, according to the International Energy Agency. About 60 per cent of Russia’s oil exports go to Europe, according to the IEA, while 8 per cent go to the US.