US announces ban on all imports of Russian gas, oil and energy over Ukraine war
President Joe Biden announced Tuesday the US will ban all Russian oil imports, toughening the toll on Russia's economy
Unlike the US, which is a major oil and gas producer, Europe relies on imports for 90% of its gas and 97% of its oil products.
Get FWD App
Shell, which purchased a shipment of Russian oil this weekend, apologized for the move on Tuesday amid international criticism and pledged to halt further purchases of Russian energy supplies.
German Chancellor Olaf Scholz has said that there's no other way to meet the European Union's needs for motor fuel, heat and electricity, and industrial use.
While Russian oil makes up a small amount of overall US energy imports, the US could replace Russian crude with imports from other oil-rich nations, but that could prove politically problematic.