Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S., European allies discuss banning imports of Russian oil

Economy Mar 06, 2022 10:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in the Irkutsk region, Russia, March 11, 2019. REUTERS/Vasily Fedosenko

By Humeyra Pamuk and Jarrett Renshaw

WASHINGTON (Reuters) -The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban.

Europe relies on Russia for crude oil and natural gas but has become more open to the idea of banning Russian products in the past 24 hours, a source familiar with the discussions told Reuters on Sunday.

Meanwhile, U.S. House of Representatives Speaker Nancy Pelosi also said in a Sunday letter that the chamber is "exploring" legislation to ban the import of Russian oil and that Congress intends to enact this week $10 billion in aid for Ukraine in response to Moscow's military invasion of its neighbour.

The White House is also talking with the Senate Finance Committee and House of Representatives Ways and Means Committee about a potential ban, the source said.

Still, Blinken also stressed the importance of maintaining steady oil supplies globally.

"We are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course, at the same time, maintaining a steady global supply of oil," Blinken said in an interview on NBC's "Meet the Press" show.

Blinken, who is on a trip across Europe to coordinate with allies the response to Russia's invasion of Ukraine, also said he discussed oil imports with President Joe Biden and his cabinet on Saturday.

Japan, which counts Russia as its fifth-biggest supplier of crude oil, is also in discussion with the United States and European countries about possibly banning Russian oil imports, Kyodo News reported on Monday.

Asked about a potential embargo on Russian oil imports at a regular news conference on Monday, Japan's top government spokesperson Hirokazu Matsuno declined to comment on its communication with the United States.

Oil prices have soared over the past week after the United States and its allies sanctioned Russia over the invasion.

A bipartisan group of U.S. senators introduced a bill on Thursday to ban U.S. imports of Russian oil. The bill is getting fast-tracked and could ultimately become the vehicle for the sanctions.

After Russia invaded Ukraine, the White House slapped sanctions on exports of technologies to Russia's refineries and the Nord Stream 2 gas pipeline, which has never launched.

So far, it has stopped short of targeting Russia's oil and gas exports as the Biden administration weighs the impacts on global oil markets and U.S. energy prices.

Asked if the United States has ruled out banning Russian oil imports unilaterally, Blinken said: "I'm not going to rule out taking action one way or another, irrespective of what they do, but everything we've done, the approach starts with coordinating with allies and partners," Blinken said.

He said there were a series of additional measures that the United States was looking at to increase the pressure on Russia, but he did not provide any details on what the new measures would be.

Americans are by far the world's heaviest consumers of gasoline, thanks to big cars, long driving distances and little public transportation in many areas. Rising gas prices have traditionally been political poison for U.S. leaders.

The U.S. national average for a gallon of gasoline hit $4.009 on Sunday, the highest level since July 2008, according to AAA. Consumers are on average paying 40 cents more than a week ago, and 57 cents more than a month ago.

The United States imported more than 20.4 million barrels of crude and refined products a month on average in 2021 from Russia, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration (EIA).

U.S., European allies discuss banning imports of Russian oil
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Syamsul Rudiansyah
Syamsul Rudiansyah Mar 07, 2022 6:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
oil price to the moon
You Chang Choo
You Chang Choo Mar 07, 2022 4:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The ultimate loser is Europe.
Ac Tektrader
Ac Tektrader Mar 07, 2022 4:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it's time to help create and fund a Russian underground. to bring down Putin and his brutal kremlin Mafia.
Ac Tektrader
Ac Tektrader Mar 07, 2022 4:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Russia created this mess with the attack and invasion of Ukraine.
Manju SM
Manju SM Mar 07, 2022 4:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Western countries created this mess (USA and it's Stooges). A simple one liner saying NATO will never onboard Ukraine would have eased all the tensions and war...
Mertcan Yıldız
Mertcan Yıldız Mar 07, 2022 3:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Of course politicians action dont effect their life. All the citizens of the world will suffer them who creates inflation..
Robert Murphy
Robert Murphy Mar 07, 2022 3:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Okay, so they sell it to China instead at a deeper discount than $11. China then owns Russian oil like they do Iranian oil.
Robert Murphy
Robert Murphy Mar 07, 2022 3:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Putin is fully commited. We can not under any circumstances get into a shooting war with anothet Nuclear Power over a non NATO country. This war wnds when Putin says it ends. Nothing will change that. Opec is comitted to the OPEC + deal. That is already established. This is a lose lose situation in the EU.
Roger Boixasa
Roger Boixasa Mar 07, 2022 3:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
masterpiece of the US. Winning in the currency territory Eur/USD
Edward Chong
Edward Chong Mar 06, 2022 11:28PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
oh pls do it. i am waiting to see .
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email