LIVE: President Joe Biden to announce Russian oil ban
Reuters, 08 Mar 2022
U.S. President Joe Biden announces actions to continue to hold Russia accountable for its invasion of Ukraine. Sources familiar with the matter told Reuters that Biden was expected to announce a ban on Russian oil. Brent crude prices extended a rally Tuesday morning, surging past $130 per as investors remained on edge.
Although the U.S. is not a leading buyer of Russian oil, its allies are likely to come under pressure to wean their economies off Russian energy.