What you need to know about the US and UK’s ban on Russian oil

What you need to know about the US and UK’s ban on Russian oil
Ukrainian servicemen inspect ammunitions from destroyed military vehicles, amid Russia’s invasion of Ukraine, in the Sumy region, Ukraine, March 7, 2022. Irina Rybakova/Press service of the Ukrainian Ground Forces/Handout via REUTERS

On Tuesday, US President Biden said that the country would be halting the importation of Russian crude oil going forward.

This came as pressure is mounting from the US Congress, which is in the process right now of passing with bipartisan support some legislation with similar goals in mind. It’s also working on expanding a human rights bill called the Magnitsky Act.

German Chancellor Olaf Scholz has called an all-out ban “premature,” but the EU and the UK are both seemingly entertaining more and more restrictive oil measures than before. So far, the European Commission has committed to reducing reliance on Russian oil by two-thirds in the next year and moving entirely away from it by 2030.

The UK, for its part, will phase out Russian oil and oil products – except for natural gas – by the end of the year.

“Russian oil will no longer be accepted at US ports,” Biden said in a speech at the White House. “We will not be part of subsidizing Putin’s war.”

“If you want to cut off supplies of energy resources from Russia, go ahead, we are ready for that,” said Russian Deputy Prime Minister Alexander Novak. “We know where will reroute these volumes. The question is: Who benefits? And what is the point?"

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