President Joe Biden has signed an Executive Order (EO) to ban the import of Russian oil, liquefied natural gas, and coal to the US – a significant action with widespread bipartisan support that will further deprive President Putin of economic resources. The decision has caused Brent crude futures to rise again by 2 per cent to reach $130 per barrel today.
The EO bans the importation into the US of Russian crude oil and certain petroleum products, liquefied natural gas and coal. Last year, the US imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step will deprive Russia of billions of dollars in revenues from US drivers and consumers annually.
It also bans new US investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia. Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia.
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