• Russia has accounted for around 8% of 2021 US oil imports
• Move comes after the Russian currency, the ruble, returned to pre-war levels after plummeting to record low levels
The United States Congress passed legislation that would ban imports of Russian oil, gas, and coal to protest the Ukrainian attacks. This comes after pictures of the atrocities of the war in Ukraine are published.
The House passed the bill with 413-9 votes, followed by 100-0 Senate approval, and is sent to President Joe Biden for his signature. Once signed, the bill H.R.6968 will be put into law, an order he issued last month.
“These atrocities that are taking place in Ukraine are unthinkable,” Representative Richard Neal, a Massachusetts Democrat, said shortly before the vote.
“These actions will further isolate Putin and inflict greater pressure in the Kremlin to end its reign of terror on Ukraine.”
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Last year, the US bought about 8% of its total oil imports from Russia, including crude oil and all other petroleum products, according to the Energy Information Administration.
“This package is about bringing every tool of economic pressure to bear on Vladimir Putin and his oligarch cronies,” Senator Ron Wyden, an Oregon Democrat, said.
“Putin’s Russia does not deserve to be a part of the economic order that has existed since the end of World War II. Ending normal trade relations hammers home that Putin has made Russia into a pariah state.”
The effort comes amid mounting pressure on lawmakers to tighten economic pressure on Putin, as the Russian currency ruble returned to pre-war levels after plummeting to record low levels due to the plethora of sanctions imposed on the country since its invasion of Ukraine.
On Thursday, the House and the Senate also voted to strip Russia of its normal trade relation status, which would allow the US to impose large tariffs on Russian goods.
Picture Credit: BBC