US exploring options to ban Russian oil imports, says Nancy Pelosi

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Stepping up its counterattacks against Russia over its ongoing military activities in Ukraine, the United States may soon introduce a bill banning oil and energy imports from the country. As House Speaker Nancy Pelosi said on Sunday, the U.S. House of Representatives could draft a bill to ban all energy imports from Russia, further ending relations. normal trade with Russia as well as with Belarus.

In a letter to her House colleagues, she said the House was exploring options to isolate Russia under which it could impose a ban on oil and energy imports. “The bill would ban the import of petroleum and energy products from Russia into the United States, abrogate normal trade relations with Russia and Belarus, and be the first step in denying Russia access to the Organization. world trade,” she said. Adding more to this, she also said the House would give the executive power to raise tariffs on Russian imports.

Additionally, in the letter, she also noted that the Biden administration has requested $10 billion in emergency funding to expand humanitarian, military, and economic support to Ukraine and that it will further enact it in the under its omnibus government funding legislation.

Meanwhile, Pelosi’s letter came just days after a bipartisan bill was introduced in the Senate last week to ban imports of Russian oil.

A bipartisan bill to ban Russian oil

In a bid to impose a ban on Russian energy, Senate Energy and Natural Resources Chairman Joe Manchin (DW.Va.) and former panel chair Senator Lisa Murkowski (R-Alaska) and 16 other senators introduced the bill. The ban imposed on Russia would include imports of fossil fuels and energy, including liquefied natural gas, crude oil and coal. However, the bill does not affect product already in transit or in critical mineral shipments.

According to statistics from the International Energy Agency, the United States had imported about 670,000 barrels of oil per day from Russia in 2021. Notably, the United States bill will come on top of other announcements of major companies in the oil industry that have already begun imposing a limit on exposure to Russian imports.

Image: AP/Pixabay

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