US will ban Russian oil and gas imports, end trade relations with Moscow and Belarus

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The United States is effectively recalling Cold War-era restrictions on Russian oil and gas imports, as well as terminating trade ties with the Eurasian nation.

A bipartisan group of lawmakers said Monday they will move forward with legislation banning Russian energy imports to the United States and suspending normal trade relations with Russia and Belarus in response to the conflict. Ukraine’s invasion,” New York Times report.

“This legislation is intended to inflict additional financial pain on Russia and Belarus, which are supporting the conflict, by cutting off Russian oil exports to the United States and allowing President Biden to raise tariffs on them,” the report said. products of both countries”. more.

The bipartisan agreement to cut oil imports adds to the pressure on Mr Biden to close the oil storage. “Although the United States imports only 7% of its oil from Russia, the administration has so far avoided banning imports, partly out of concern that it will continue to drive up already high gas prices. Russia and Belarus are small trading partners of the United States, although they provide some important raw materials for certain industries, including platinum, iron, and fertilizers.

The Times added: “On Sunday, Secretary of State Antony Blinken said that the United States was considering a ban on Russian oil imports, sending oil prices higher.

Taking these actions will send a clear message to (Russian President Vladimir) Putin that his war is unacceptable and that the United States stands by its allies, the lawmakers said. Our NATO.”

“Top lawmakers on trade issues reached an agreement Monday on legislation banning the import of Russian oil and energy products into the United States and suspending normal trade relations with Moscow, amid signs that the authorities are ready to take action”, Daily Mail note.

White House Press Secretary Jen Psaki pressed on the matter on Monday, noting that a bill has yet to be sent from Congress.

“The president has not made a decision at this point. So that’s where we stand. Has a bill in progress here been passed by Congress? I don’t think so,” she snapped.

That will almost certainly happen soon. Kevin Brady (R-TX) discussed the ramifications of the upcoming oil and gas ban on US-Russia trade on Fox News with host Maria Bartiromo.

“Congress is moving forward, I expect bipartisan legislation to be enacted soon, as early as today, that will ban Russian energy imports to the US and will suspend normal trade relations with both Russia and Belarus,” Brady said.

The Biden administration is also weighing opposing foreign oil companies from importing more oil, amid executive policies against completion of the Keystone XL pipeline to import from Canada, as well as restrictions federal oil and gas leases.

“President Biden’s advisers are discussing a possible visit to Saudi Arabia this spring to help mend relations and convince the UK to pump more oil,” Axios said. reported.

Axios also noted that “Biden officials will travel to Venezuela this weekend to meet with the government of President Nicolás Maduro… Some Republicans and Democrats in Washington argue that Venezuelan oil could replace American oil. Russia, according to New York Times. ”

As a result, the Biden administration is preparing to make up the shortfall resulting from the cessation of Russian energy imports. The government has also released 30 million barrels from strategic oil reserves – but such reserves will only last for a few days.

The Biden administration’s tough talk about Russia, as well as its concurrent aid to Ukraine, has left the country in a corner. Therefore, the support of Democratic members of Congress running for the election on cutting Russian energy imports is completely guaranteed. Soaring oil and gas prices also put additional pressure on Democrats ahead of the 2022 midterm elections.

“National average price for a gallon of gas has hit $4 for the first time since 2008,” New York Post report. Russia’s oil and gas ban will only drive oil prices higher as domestic production increases.

On Monday, Transportation Secretary Pete Buttigieg addressed the problem of soaring gas prices in the United States by telling Americans they should get electric cars.

https://smartzune.com/us-will-ban-russian-oil-gas-imports-end-trade-relations-with-moscow-and-belarus/ US will ban Russian oil and gas imports, end trade relations with Moscow and Belarus

Jake Nichol

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