Biden Ban On Russia Energy Applies To ‘All New Purchases’ — Will Allow 45-Day Winddown On Existing

President Joe Biden’s ban on imports of Russian fossil fuels will be ‘immediate’ according to a US official, and apply to all new purchases, while existing contracts will be given 45 days to ‘wind down’ deliveries.

“The United States is targeting the main artery of Russia’s economy,” Biden said Tuesday morning,” adding “We will not be part of subsidizing Putin’s war.”

The U.S. move will be matched in part by the U.K., which announced a ban on Russian oil imports, though it will continue to allow natural gas and coal from the country. Other European nations that rely more heavily on Russian fuels will not participate.

Russian oil made up about 3% of all the crude shipments that arrived in the U.S. last year. When other petroleum products are included, such as unfinished fuel oil that can be used to produce gasoline and diesel, Russia accounted for about 8% of 2021 oil imports, though those shipments have also trended lower in recent months. –Yahoo!

Biden is also banning US investment in Russia’s energy sector, according to an executive order that authorizes the Treasury and State departments to ‘implement and enforce’ said prohibitions, according to the report. – READ MORE