'MAJOR BLOW': US steps up economic warfare against Russia

US President Joe Biden has announced a ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up US energy prices.

"We're banning all imports of Russian oil and gas energy," Mr Biden told reporters overnight at the White House.

"That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to Putin's war machine."

Mr 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.

The UK announced shortly before Biden's remarks that it would phase out the import of Russian oil and oil products by the end of 2022.

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Biden said sanctions imposed by the United States and its allies had already caused the Russian economy to "crater".

"This is a step we are taking to inflict further pain on Putin," the president continued. "But there will be costs here in the United States."

Petrol prices and expected to rise in the US with the move, compounding already surging inflation – which could spread beyond US borders.

He said the latest moves had been made in close consultation with allies and partners around the world.

The US imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8 per cent of US liquid fuel imports, according to the country's Energy Information Administration.

The US also imports a negligible amount of coal from Russia.

Energy and commodities columnist at Bloomberg, Javier Blas, described it as "the day the US launched an all-out economic war against Russia".

Ukrainian president Volodymyr Zelensky welcomes the move on Wednesday.

"Thankful for US and [president Biden's] personal leadership in striking in the heart of Putin’s war machine and banning oil, gas and coal from US market. Encourage other countries and leaders to follow," he tweeted this morning.

The United States is imposing the ban without most of its European allies, which are more dependent on Russian energy supplies. According to the New York Times, the US imports about 700,000 barrels per day from Russia, or less than 10 percent of its total oil imports.

By contrast, Europe imports about 4.5 million barrels per day from Russia, or roughly one-third of its total imports.

Russia is the world’s third-largest oil producer, behind the US and Saudi Arabia.

with Yahoo News US, Reuters

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