Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

U.S. Goes Alone in Ban of Russian Oil

Published 03/08/2022, 11:29 AM
Updated 03/08/2022, 11:59 AM
© Reuters.

By Barani Krishnan 

Investing.com -- The United States will ban imports of oil and other energy products from Russia, President Joe Biden said Tuesday, adding the unilateral move to a raft of global sanctions already imposed on Moscow for its invasion of Ukraine.

“I'm announcing the United States is targeting the main artery of Russia's economy,” Biden said, announcing the U.S. decision to go alone on the ban as it became apparent that its European allies were too dependent for now on Russia, particularly for its natural gas, to institute similar action. Biden acknowledged that European allies might not yet be in a position to join the U.S. in this extra step to exert pressure on Russian President Vladimir Putin.

“We're banning all imports of Russian oil, and gas and energy. That means Russian oil will no longer be acceptable at U.S. ports. And the American people will deal another powerful blow to Putin,” Biden said in the announcement from the White House. He added that it was supported by both the Democratic leadership and Republican lawmakers in Congress. 

Oil prices remained up between 4% and 8% after Biden had spoken.

Brent, the global benchmark for oil, was up by $9.45, or 7.7%, at $132.66 a barrel by 11:46 AM ET (16:46 GMT).

U.S. crude’s West Texas Intermediate, or WTI , benchmark was up $9.08, or 7.6%, at $128.48.

Both Brent and WTI have gained 70%, with half of that coming within just two weeks of the Russian invasion of Ukraine that began on Feb. 24.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

U.S. natural gas futures remained down after the announcement of the U.S. ban on Russian. The front-month gas contract on New York’s Henry Hub traded down 19.7 cents, or 4.1%, at $4.636 per thermal unit, although for the year, it was up 24%.

 

Latest comments

Cowardly non-US oil importers putting their profits before principles while innocent humans suffer at a bully putin's hands. They'll pay a price for such non-compliance sooner or later.
hello
high speed internet making it to rural areaas of the US has really ramped up the dunning-kreuger effect amongst hillbillies inheriting their critical thinking skills fron goat farmers and their middle school graduate grandpas. just bc you are confident and loud doesn't mean you aren't ignorant. Trump being so disgusting and ignorant is why biden won, so if you voted for trump, you voted for biden.
Karl Many of them are russian trolls in a decade long effort now, seeking to sow division in the west, partially successful both in US and UK due to the right wing ignorants you mention and their media (fox, murdoch, rt etc.)
Useful idiots and minions of the new fascist world order...
only US has banned oil from Rassia in ego just because if atleast US won't ban then world will say US has not done anything to support Ukrain 🤪 but US economy will have to pay for it. and may take 2-3 years to recover.
Welcome to the Biden catastrophe. His oil policies caused huge oil spikes. His weakness gave Putin the confidence to invade and war to Europe. He has brought disastrous inflation upon America with his out of control spending programs and non existent energy policy. We will be lucky to survive 4 years of his gross incompetence. C'mon man, I did this!!!!
Aah, William, the GOP has his back on this ban. Nah, you can't use that tired, silly narrative that you've flogged to death.
putinbot
Lol you must have forgot trump in two months created more money than since the constitution was signed and his deal with OPEC don’t expire till April you people don’t know what’s going on do you lol
All investing Russian speaking forums are blocked! I hope temporary...
Thanks for support, guys! You, Americans are not our enemies, I am always sure!
I'm ok with this.  I'll take the hit.  I'll bike to work.!  Ban everything Russian! Make them pay for WAR!
Reading the comments here I understand that the US is even more divided than the idiots here in Europe. God (or any other higher power ffs) help us...
If you disagree with this think.about this YOuR money that you spent at lukaoil and other gas stations in the US is.being used to.buy weaponryb that is being used to ***innocent.civillians think.about.that.
So what. Every tax dollar spent kills someone in every country.
cynical cu..
Moron
Russian oil was 3% of US oil imports, It is a non event
Actually its 7% but currently is closer to 12% since Slow Joe stopped usa production. it is a big deal.
  US production now is at high since Biden's election
thats true
this is going to back fire in a big way. very stupid
Republicans supported it.
 Ha ha ...great!
Everyone rush to small cap, low float oil companies! I hold A LOT of ICD, we are ***it.
Every time he opens his mouth the market tanks…. Thanks Joe
Big oil loves Biden. How much are they paying the big guy?
50-50; Biden is even big culprit than Modi; both elected by Residents but Act for Big Corporates
boycott Biden save humanity save world
Does Biden have hotels or office buildings or golf resorts we can boycott?
  Not sure why people care about Hunter.  He's not the potus.  Not even in gov't (Joe ain't nepotistic).  Not even Dems care.  Still, lots are fake gay Hunter *****on Parler.
 But Republicans supported this, man. Surely, they aren't sleepy and slow too in your eyes, right? :)
We are fortunate that we don’t need Russian oil, we have plenty already. Rest of the world will struggle more. I think its worth it to isolate the unhinged Putin and Lavrov.
yes US have oil but they will sell it @ Current rate to residents
Alone? nonsense. Europe can't do it as gas will be cut off next day. So Europe made deal with US. US will ban Russian oil in exchange for good US deals with Europe.
Until 7 months ago, 81% of all stocks listed on Russian Stock Market were actually owned by foreign funds. Foreign Owners• US & Canada: 54%• UK: 22%• Rest of Europe: 21%🇷🇺 So when Russian Stock Market is crashing, it hardly affects Russian people or Putin. West is mostly taking the losses.
Mr. president, pls work for us people, not your party.
hmmmmmm geee....if only we had a president who wanted to be oil independent and supported oil stateside production.....HMMMMMMMMMM
Have you ever known of such a president? I've never seen one.
ajay ... Republicans supported this plan.
does this indicate that he will reverse his actions on our own oil products and move ahead to restore the keystone and other pipelines?
does this indicate that he will reverse his actions on our own oil products and move ahead to restore the keystone and other pipelines?
 , ha.....ha.
 Are you seriously that ill of understanding anything? You guys are just *****ed that your day has been spoiled by the GOP backing him on this. Know what? If it blows up, they just can't blame him. They're neck deep in the Russian adventure with him. LOL!
 Are you seriously that ill of understanding anything? You guys are just (p(issed that your day has been spoiled by the GOP backing him on this. Know what? If it (b)lows up, they just can't blame him. They're neck deep in the Russian adventure with him. LOL!
February CPI = 10
No lets wait and see how Russia and OPEC reapond.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.