As the crisis between Russia and Ukraine takes hold, The United States and its NATO allies are contemplating a ban on Russian oil imports.which would cripple Moscow while completely cutting it off from the rest of the world.
Having said that, “the Biden administration is considering whether to ban Russian oil imports to the United States without the involvement of allies in Europe, at least initially“Bloomberg reports, citing two people familiar with the matter.
Additional comments
The administration has not yet decided on a ban on US importswith the timing and extent of any move still being assessed.
Administration officials have been in close contact with allies about a possible ban while also working to prepare for internal impact.
This comes after House Speaker Nancy Pelosi said the House of Representatives is “exploring strong legislation” that would ban the import of Russian oil and energy products.
market reaction
WTI has strengthened following these comments, recovering to the $122 level and up 7.70% on the day.
US oil hit a 14-year high at $125.04 earlier in the day.
Source: Fx Street
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