How a Ban Russian Oil Imports Could Affect the U.S. Economy

The ban on Russian oil imports announced by President Biden on Tuesday could have meaningful consequences for the U.S. economy, pushing prices at the gas pump higher when inflation is already rapid, although how long-lasting that impact might be remains uncertain.

“We’re banning all imports of Russian oil and gas and energy,” Mr. Biden said, speaking at a White House briefing. He said the plan would target the “main artery” of the Russian economy. While he acknowledged that the move would likely push gas prices up, he blamed Russian aggression for that reality.

The ban applies to imports of Russian oil, liquefied natural gas and coal. It also prohibits new U.S. investments in Russia’s energy sector. And it blocks Americans from financing or enabling foreign companies that are making investments to produce energy in Russia.

Europe imports far more of its supply from Russia than the United States, but energy markets are global, and the mere…

Read more…