U.S./UK Ban Imports of Russian Oil

President Joe Biden announced on Tuesday a U.S. ban on Russian oil and other energy imports. 

The goal of the move is to increase pressure on Moscow in retaliation for the Russian invasion of Ukraine. 

Reuters says the U.S. made the move despite being the world’s biggest oil consumer. 

However, the U.S. wasn’t the only nation to make a move on oil from Russia. 

Britain says it will end all imports of all Russian oil and oil products by the end of this year. 

UK’s Business Minister is asking businesses to use the time between now and December 31 as a transition period to make the change as smooth as possible. 

Also, on Tuesday, the European Commission published plans to cut the EU’s dependency on Russian gas by as much as two-thirds this year. 

The commission also intends to completely end any reliance on Russian supplies of fuel well before 2030.

(Story Courtesy of the NAFB News Service)