US cuts Russia’s economic lifeline as Joe Biden announces ban on oil imports

US cuts Russia's economic lifeline as Joe Biden announces ban on oil imports
President Joe Biden / Twitter

Oil ban on Russia: US President Joe Biden on Wednesday slammed Vladimir Putin for waging a war against the Ukraine. He said Ukraine would never be a victory for Russia’s Vladimir Putin. Mr. Biden said that Putin may be able to take a city, but never will be able to hold the country.

Just hours ago, Biden announced a ban on US import of Russian oil, gas and energy. The move comes in response to Russian invasion of Ukraine.

POTUS made it clear that the current crisis was a stark reminder that to protest the economy over the long term, US needed to become energy independent. It would also mean that “tyrants like Putin” would not be able to use fossil fuels as a weapon.

Joe Biden called this crisis a stark reminder of how protecting the economy over the long term, we need to become energy independent.
He stressed on transforming our economies to run on electric vehicles, powered by clean energy, will mean that no one will have to worry about gas prices. “It will mean tyrants like Putin won’t be able to use fossil fuels as a weapon.”

Basically, the US is enforcing the most significant package of economic sanctions in history, and it’s causing significant damage to Russia’s economy,” Biden said at the White House.

Russia’s invasion Ukraine makes it 14th day today.

Meanwhile, Ukrainian president Volodymyr Zelensky asserted that he is no longer pressing for NATO membership for the country.

This remains a delicate issue that has been one of Russia’s reasons for invading Ukraine.

The European Union has also announced 500 million euros in humanitarian aid for Ukraine. Rating agency Fitch Ratings has also downgraded Russia’s default rating to ‘C’ from ‘B’.

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