US bans import of Russian oil

RUSSIA / FSU POLITICS - In Brief 08 Mar 2022 by Alex Teddy
On March 8 President Biden made the announcement. He told the American public that gasoline would cost more as a result. The move reverses his policy stated last week of continuing to permit Russia oil imports. The US is struggling to contain inflation as it is. Biden warned US companies not to exploit the situation. He told Russia that it could never win in Ukraine.8% of US oil imports come from Russia. The US also produces a lot of its oil domestically. The EU relies on Russia for 30% of hydrocarbons. The EU is seeking to reduce these imports from Russia but does not see a way to end them immediately. The EU says it will phase out all Russian oil and gas imports by 2030.On March 10 EU leaders will meet in France to discuss how to reduce energy dependence on Russia. The EU thinks it can cut imports from Russia by 67% by the end of 2022. The plan is more EU natural gas production and more renewable energy. No one is talking about more coal or more nuclear energy. Germany, Hungary and Finland are all heavily reliant Russia fossil fuels. They see no other way to meet their needs in the medium term.How can the US meet is energy needs without Russia? Sanctions on Iran and Venezuela might be lifted. The Saudis might be induced to step up production. But the Saudis do not want sanctions on Iran to be ended. Biden vetoed an oil pipeline from Canada 2021 over environmental concerns. He might change his mind on that now. Zelensky had appealed several times for Western countries to stop buying Russian oil and gas. NATO countries spend over USD 400 million/day on Russian hydrocarbons.The UK has banned Russian oil imports. The United Kingdom might have to step up fracking and coal...

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