Putin’s brutal war has led to higher energy prices and raised costs for Americans at home. Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia.investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step will deprive Russia of billions of dollars in revenues from U.S. The importation into the United States of Russian crude oil and certain petroleum products, liquefied natural gas, and coal.The United States and governments all over the world are going after Putin’s cronies and their families by identifying and freezing the assets they hold in our respective jurisdictions – their yachts, luxury apartments, money, and other ill-gotten gains. and allied export controls are impacting industrial production in Russia, Russian commercial aviation, and other key sectors of the Russian economy.
By isolating Russia’s Central Bank and cutting off the largest Russian banks from the international financial system, we have disarmed his war chest of foreign reserves and left Putin to soften the blow of our sanctions. The Russian ruble is now worth less than a penny and has hit an all-time low after losing almost half of its value since Putin announced his further invasion of Ukraine. Over 30 countries representing well over half the world’s economy have announced sanctions that impose immediate and severe economic costs on Russia, cut off access to high-tech technology, sap its growth potential, and weaken its military for years to come. As a result of our historic, multilateral coordination, Russia has become a global economic and financial pariah. This announcement builds on unprecedented economic costs the United States and our Allies and partners have imposed on Russia. But we are united with our Allies and partners in working together to reduce our collective dependence on Russian energy and keep the pressure mounting on Putin, while at the same taking active steps to limit impacts on global energy markets and protect our own economies. The United States is able to take this step because of our strong domestic energy infrastructure and we recognize that not all of our Allies and partners are currently in a position to join us. The United States made this decision in close consultation with our Allies and partners around the world, as well as Members of Congress of both parties.
Today, President Biden will sign an Executive Order (E.O.) to ban the import of Russian oil, liquefied natural gas, and coal to the United States – a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war of choice. Get Involved Show submenu for “Get Involved””.
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