Biden prepares to announce a ban on Russian oil imports

ARK News... The administration of President Joe Biden is preparing to impose a ban on US imports of Russian energy Tuesday without the participation of its European allies.

According to a report published by Bloomberg Agency, the ban will include Russian oil, liquefied natural gas, and coal, according to two sources who spoke on condition of anonymity. Another source said the decision was made in consultation with European allies, who rely more on Russian energy than the United States.

Gas and oil in Russia have not yet been affected by the sanctions imposed by the United States and European countries, due to concern about the economic impact, especially on Europe, which is more dependent on Russian oil, and in particular natural gas. Canada announced a ban on Russian crude oil.

Data from the US Energy Information Administration showed that Russian oil accounted for about 3 percent of all crude shipments that arrived in the United States last year. Overall, imports of Russian oil and petroleum products accounted for about 8% of total US imports. US imports of Russian crude in 2022 fell to the slowest annual pace since 2017, according to intelligence firm Kepler.

Russia warned on Monday of "catastrophic consequences" for the global oil market in the event of an embargo on its oil exports. "It is absolutely clear that refusing to buy Russian oil will lead to catastrophic consequences for the global market," said Russian Deputy Prime Minister in charge of Energy Alexander Novak.

He believed that "it will not be possible to predict a rise in prices, which may reach more than $ 300 a barrel, and perhaps even more," according to what was quoted by Russian news agencies.

Novak stressed that it is impossible to quickly compensate for Russian oil supplies to the European market from an alternative source, and warned that "this will take several years and will be much more expensive for European consumers, who will be the first victims of such a scenario."

On Sunday, the price of Brent North Sea oil approached $140 a barrel at around 23:00 GMT, touching the absolute record level of $147.50 that it had achieved in July 2008.

"We have the full right to take a similar decision and impose a ban on gas supplies via Nord Stream 1", which transports Russian gas to Europe, Novak added. But he added, "We have not taken a similar decision at the present time... although European politicians are pushing us to do so with their statements and accusations."

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