Biden bans import of Russian oil, gas, coal with immediate effect; Putin to block exports of “certain products and raw materials”
President Joe Biden issued an executive order banning the importation from Russia of crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products. The ban is effective immediately; the US is blocking any new purchases of Russian energy.
The US will allow a 45-day wind-down period for deliveries of existing purchases that were already contracted. In 2021, Russian oil was just under 10% of US overall imports of oil.
The order also prohibits new investment in the energy sector in the Russian Federation by a “United States person”, wherever located.
The UK will also phase out imports of Russian oil in response to the Russian invasion of Ukraine by the end of the year, the Business Secretary Kwasi Kwarteng confirmed. The phasing out of imports will not be immediate, but instead allows the UK enough time to adjust supply chains, supporting industry and consumers.
The government will work with companies through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies. Russian imports currently account for 8% of total UK oil demand.
Russia’s RIA news agency reported on Tuesday that Vladimir Putin signed a countermeasure decree blocking all exports and raw materials from Russia “of certain materials” with state media reports noting the specific list will be made public in two days.