How a ban on Russian oil imports could affect the US economy
President Joe Biden announced a ban on Russian oil imports Tuesday, a move that economists said could have small but potentially meaningful domestic economic consequences, pushing prices at the gas pump higher at a time when inflation is already running fast.
“We’re banning all imports of Russian oil and gas and energy,” Biden said, speaking Tuesday at a White House briefing. He said the plan would target the “main artery” of the Russian economy.
Russia produces about 12% of the world’s oil and 17% of its natural gas, according to estimates from JP Morgan. Europe imports far more of its supply from Russia than the United States, but energy markets are global, and the mere threat of a ban has pushed commodity prices higher in recent days.
