FirstFT: US and UK ban Russian oil and gas imports

FirstFT: US and UK ban Russian oil and gas imports

President Joe Biden has banned imports of Russian oil and gas into the US as Washington steps up economic sanctions on Moscow over the invasion of Ukraine in a bid to deprive it of revenue.

The move was matched by a UK ban on Russian oil imports, but the EU did not follow suit and instead unveiled a plan to cut Russian gas imports by two-thirds within a year.

The US decision opens a new front in efforts to isolate Russia from the global economy, following moves to impose sanctions on key Russian banks, top government officials and oligarchs, as well as its central bank.

“Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to [Vladimir] Putin’s war machine,” Biden said, speaking from the White House.

But a ban on US and UK imports will be far less disruptive to global markets than a full international embargo as only a small proportion of Russian shipments goes to those two markets.

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