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WASHINGTON: US President Joe Biden was expected to announce a ban on Russian oil in remarks at 10:45 a.m. (1545 GMT) on Tuesday, sources familiar with the matter said.

The White House said Biden was scheduled to announce more actions on Tuesday morning against Russia over its Feb. 24 invasion of Ukraine, but did not specifically mention oil imports.

Biden has been working with allies in Europe who are far more dependent on Russian oil. Two people familiar with the matter told Reuters on Monday the United States was willing to move ahead with a ban on Russian oil imports without the participation of allies in Europe.

US Senator Chris Coons said the administration was coordinating with European allies "and making sure that we've done the groundwork to understand how to effectively implement a ban on Russian energy."

The White House is also negotiating with US congressional leaders who are working on fast-tracking legislation that would ban Russian imports, a move that is forcing the administration to work on an expedited timeline, a source told Reuters, speaking on condition of anonymity.

"We are going to see increased gas prices here in the United States. In Europe, they will see dramatic increases in prices. That's the cost of standing up for freedom and standing alongside the Ukrainian people, but it's going to cost us," Coons said in an interview with CNN.

United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of US liquid fuel imports, according to the Energy Information Administration (EIA).

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samir sardana Mar 08, 2022 11:43pm
What is the impact of this ban ? It will push up NYMEX crude -unless Iranian crude flows (which will not as they are in the Russia/China camp) What is the impact of this on PRC ? It will push PRC to buy Russian discounted Oil Russia needs only the Marginal Cost of Oil to be paid cash down - which will be 15% -20% of Oil prices, and the rest the Chinese can pay on barter or CIPS mode. So long as there is food,oil and gas for Russians and incomes - Putin is safe.So manufacturing should keep rolling and PRC should keep buying If there is an equity swap between Russian and PRC companies to make Russian mineral and Oil - Chinese owned in part - then that will insulate Russia from all UN Sanctions and allow use of SWIFT and CIPS - legally - with no risk of EU sanctions ! EU cannot sanction PRC. If all the above goes as per Putin plan - he will seal off NORD 1 - as once spring comes, EU might stop buying Russian Gas - in any case,and so Putin might give a SHOCK to EU.dindooohindoo
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