Biden bans Russia oil imports to the U.S., warns U.S. gasoline prices will rise further

• U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices. That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to Putin's war machine. 
• Oil prices jumped on the news, with Benchmark Brent crude LCOc1 (ICE Brent Crude Energy Future c1) for May climbing by 5.4% to $129.91 a barrel by 1345 GMT. 
• Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia's energy-heavy economy and Putin. Britain announced shortly before Biden's remarks that it would phase out the import of Russian oil and oil products by the end of 2022. Biden said sanctions imposed by the United States and its allies had already caused the Russian economy to "crater". He said the latest moves had been made in close consultation with allies and partners around the world. 
• The United States imported more than 20.4Mn 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, and the ban is expected to send already high gasoline prices and inflation soaring. The United States also imports a negligible amount of coal from Russia. 
• Biden predicted prices would rise further as a result of "Putin's war," but pledged to do all he could to minimize the impact on the American people. He also warned U.S. gas companies against exploiting the situation to engage in profiteering or price gouging.

(Source: Reuters)