Biden announces ban on Russian oil imports

Speaking at the White House on Tuesday, President Biden announced a ban on importing Russian oil in response to the country’s invasion of Ukraine.

Video Transcript

JOE BIDEN: Today, I'm announcing the United States is targeting the main artery of Russia's economy. We're banning all imports of Russian oil, and gas, and energy. That means Russian oil will no longer be acceptable at ports, and the American people will deal another powerful blow to Putin's war machine. This is a move that has strong bipartisan support in Congress, and I believe in the country.

Americans have rallied to support the Ukrainian people and made it clear, we will not be part of subsidizing Putin's war. We made this decision in close consultation with our allies and our partners around the world, particularly in Europe, because a United response to Putin's aggression has been my overriding focus to keep all NATO, and all of EU, and our allies totally United. We're moving forward with this band, understanding that many of our European allies and partners may not be in a position to join us.

The United States produces far more oil domestically than all the European countries combined. In fact, we're a net exporter of energy, so we can take this step when others cannot. But we're working closely with Europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well. Our teams are actively discussing how to make this happen, and today, we remain United. We remain United in our purpose to keep pressure mounting on Putin, and his war machine.

This is a step that we're taking to inflict further pain on Putin, but there will be cost as well here in the United States. I said, I would level with the American people from the beginning, and when I first spoke to this, I said defending freedom is going to cost. It's going to cost us as well in the United States. Republicans and Democrats understand alike understand that. Republicans and Democrats alike have been clear that we must do this.