President Joe Biden announced on Tuesday that US government has banned the oil and gas imports from Russia, in an attempt to use economic pressure to force Putin to stop its invasion in Ukraine. (FT)
“Russian oil will no longer be acceptable at US ports,” Biden said.
The executive order, which became effective immediately, also prohibited certain petroleum products and coal from Russia. Companies will have 45 days to close their contract for Russian supplies. Investment in Russia’s energy sector and foreign companies that invest in the sector is also blocked. (WSJ)
The UK government has on the same day committed to phase out Russian oil imports by the end of this year
The EU, meanwhile, only promised to trim its dependency on Russian by two-third this, with a goal to end the reliance “well before 2030”, according to a plan published by the European Commission (Reuters)
Gas and LNG from countries like the US and Qatar could this year replace more than a third, or 60 billion cubic meters (bcm), of the 155 bcm Europe import annually from Russia. Wind and solar can help replace 20 bcm of energy from Russia, and the commission expects the capacity to triple and save 170 bcm a year by 2030.