The Biden Administration is considering embargo on Russian oil imports in the U.S. without the participation of allies in Europe, for the time being, according to sources of Bloomberg, as reported by the journal.
Biden yet to decided on U.S. import ban with the timing and scope of any move still fluid, according to the people, who spoke on condition of anonymity. The sources of Bloomberg said, the administration is in close contact with allies on a possible ban.
U.S. WTI soared to as high $139 on Monday after Biden Administration said it was considering embargo on Russian oil import along with its allies.
Washington weighing possible impact on American consumers and global energy supply if it continues with the ban.
Earlier Sunday, U.S. Secretary of State Antony Blinken said that the U.S. and its European allies were discussing a possible ban of Russian oil imports to tighten the economic squeeze on President Vladimir Putin over the war in Ukraine.
Blinken, who said he had discussed the matter with President Joe Biden on Saturday, said oil supplies would have to be ensured if such a measure were imposed.
“We are now in very active discussions with our European partners about banning the import of Russian oil to our countries while, of course, at the same time maintaining a steady global supply of oil,” Blinken, who held talks in Eastern Europe on Sunday, said on NBC’s “Meet the Press.”
According to Bloomberg, Russian oil makes up about 3% of crude shipment that has been shipped to U.S. last year.
U.S. Energy Information Administration data show. U.S. imports of Russian crude in 2022 have dropped to the slowest annual pace since 2017, according to the intelligence firm Kpler.
