U.S. President, Joe Biden has announced a ban on Russian oil imports, as part of measures to punish Russia for the invasion of Ukraine.
The latest measure, which included other energy imports, ramped up the pressure campaign on Moscow.
Oil prices jumped on the news, with Benchmark Brent crude for May climbing by 5.4% to $129.91 a barrel yesterday.
Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia’s energy-heavy economy and President Vladimir Putin.
The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports.
According to the Energy Information Administration, (EIA), any ban is likely to spike gasoline prices and inflation even further.
The United States also imports a negligible amount of coal from Russia.
