Explainer: What does a US ban on imported Russian oil accomplish?

Explainer: What does a US ban on imported Russian oil accomplish?

With Russia intensifying its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden on Tuesday announced a US ban on imported Russian oil. Critics of Russia have said that sanctioning its energy exports would be the best — perhaps only — way to force Moscow to pull back.

Unlike the United States, Europe is deeply reliant on energy it imports from Russia, the world’s second-largest crude oil exporter behind Saudi Arabia. While the US could replace the relatively small amount of fuel it receives from Moscow, Europe could not, at least not anytime soon.

For the latest headlines, follow our Google News channel online or via the app.

What’s more, any curbs on Russian oil exports could send already skyrocketing oil and gasoline prices ever higher on both continents and further squeeze consumers, businesses, financial markets and the global economy.

Here is a deeper look:

What will happen with a US ban on Russian oil?

With gasoline prices in the US surging ever higher, the Biden administration has faced growing pressure to impose further sanctions on Russia, including a ban on oil imports. For now, a broad US-European ban appears elusive. On Monday, German Chancellor Olaf Scholz made clear that his