President Biden declared yesterday that his government will restrict all Russian oil and gas imports in an effort to strike harder on Russia's economy.
"Today, I am announcing that the United States will target Russia's primary economic artery. We are prohibiting all imports of Russian crude oil, natural gas, and energy "As Biden stated. "This implies that Russian oil will no longer be accepted at US ports, and the American people will inflict another devastating blow on Putin's war machine."
While the move has been lauded by many, it has also sparked concerns among Americans, since it is nearly certain to further inflate already increasing gasoline costs. Biden accepted this fact when he referred to it as "Putin's price increase" and proclaimed that "freedom will come at a price."
It's difficult to predict the effect on Russia's economy, given that Russian oil accounted for only approximately 8% of American oil and petroleum imports in 2021. It will be critical to convince European countries — who rely significantly more on Russian oil and gas — to follow suit.
