US and allies have imposed several sanctions against Russia, for invading Ukraine, in an attempt to isolate it from the global economy. However, there has been a wide reluctance among countries like US and Germany to cut off oil imports from Russia. Cutting off energy imports from fossil fuel-rich Russia will translate into a huge gap in the supply chain of fuel for the US and allies that other countries will struggle to fill. This will also bring a subsequent and significant rise in oil prices.
The US has yet not decided on banning oil imports from Russia, White House Press Secretary Jen Psaki said during a press briefing. She said, “No decision has been made at this point by the president about a ban on importing oil from Russia, and those discussions are ongoing internally and also with our counterparts and partners in Europe and around the world.”
Jen Psaki also said Biden is trying to keep oil prices from soaring high while making sure that Moscow feels the heat of the sanctions imposed by western and European nations. She also said that the US will produce more oil than ever before over the next year. “The US produced more oil this past year than in President Trump’s first year. Next year, according to the Department of Energy, we will produce more oil than ever before,” Press Secretary said.
The Olaf Scholz-led German government has also announced that the country will continue buying Russian oil and gas. Chancellor Olaf Scholz said that European nations are heavily dependent on Russian energy imports for meeting their needs. “Europe’s supply of energy for heating, for mobility, for electricity generation and for the industry can’t be secured otherwise at the moment,” Scholz was quoted as saying by The Wall Street Journal.