JOE Biden is set to announce a ban on Russian oil imports in a speech today.
President Biden has decided to make the move to toughen the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to the Associated Press.
The move follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports.
Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
The U.S. imports about 100,000 barrels a day from Russia, only about 5 percent of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly 8 percent of U.S. imports of oil and petroleum products came from Russia.
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