The U.S. has banned imports of Russian oil, President Joe Biden announced Tuesday, in a major escalation of economic sanctions intended to punish Russian President Vladimir Putin for his war in Ukraine.
Oil had been omitted from earlier sanctions to shield consumers from higher fuel costs, but with gas prices surging anyway and Congress likely to force the issue, Biden made the surprise announcement at the White House on Tuesday.
“We’re banning all imports of Russian oil and gas and energy,” Biden said. “We will not be part of subsidizing Putin’s war.”
It’s a perilous economic…
