Biden signs order to ban imports of Russian oil, LNG, coal to US

By Ovunc Kutlu

ANKARA (AA) - US President Joe Biden signed an executive order Tuesday that bans all the imports of Russian oil, liquefied natural gas (LNG) and coal to the US.

The move comes with bipartisan support and it will further deprive Russian President Vladimir Putin of economic resources he uses to continue his war on Ukraine, the White House said in a statement.

"The United States made this decision in close consultation with our Allies and partners around the world, as well as Members of Congress of both parties. The United States is able to take this step because of our strong domestic energy infrastructure and we recognize that not all of our Allies and partners are currently in a position to join us," the statement said.

"But we are united with our Allies and partners in working together to reduce our collective dependence on Russian energy and keep the pressure mounting on Putin, while at the same taking active steps to limit impacts on global energy markets and protect our own economies," it added.

The US imported almost 700,000 barrels per day of crude oil and refined petroleum products from Russia last year, according to the White House.

Americans will be prohibited from financing or enabling foreign companies that are making investments to produce energy in Russia, it added.

"Putin’s brutal war has led to higher energy prices and raised costs for Americans at home," said the statement.

The White House noted that the Biden administration is committed to releasing more than 90 million barrels from the Strategic Petroleum Reserve during the current fiscal year, with an emergency sale of 30 million barrels announced last week.

International Energy Agency (IEA) member countries agreed to a collective release of an initial 60 million barrels of crude oil from strategic petroleum reserves, with the US committing half of the quantity, it added.