WASHINGTON (NEXSTAR) – In a move against Russia, President Joe Biden announced a ban on Russian oil and gas imports on Tuesday, through an executive order.
The ban shows how fluid things are as the White House said on Monday, no decision had been made yet on the issue.
“This is a step that we’re taking to inflict further pain on Putin,” Biden explained.
However, Biden recognizes the ban on Russian oil and gas imports will also bring higher costs at the fuel pump.
“Defending freedom is going to cost. It’s going to cost us as well,” Biden said.
Even so, Republicans and Democrats on Capitol Hill have both called for the ban.
“I strongly support this decision to ban Russian oil,” Sen. Richard Blumenthal, D-Connecticut, said.
As Russia continues its unprovoked attack on Ukraine, some 2 million people have fled looking for safety. Ukraine also accuses Russia of attacking the routes used to escape or bring in aid.
Blumenthal said more can still be done to inflict financial pain on Russia.
“My hope is that Americans will demand that American companies stop doing business,” Blumenthal said.
Tuesday’s ban also blocks new U.S. investments in Russia’s energy sector and prohibits Americans from financing foreign companies that invest in Russian energy.
While he supports the steps, Republican Senate Leader Mitch McConnell, R-Kentucky, said the Biden administration isn’t acting fast enough.
“As President Zelensky said publicly last week, while he appreciates all the western help, much of it is ultimately arriving too late,” McConnell said.
In addition to the billions of U.S. dollars Russia will lose from the U.S. ban, by the end of the year, The UK says it will phase out Russian oil and gas, while the European Union will slash imports of both by two-thirds.
The EU isn’t banning Russian oil and gas imports altogether because it is more reliant on Russian energy than the US.