Congress sends Biden bill banning Russian oil imports by Bloomberg

©Bloomberg. Oil Pump Jacks, Also Known As (Bloomberg) — The House has passed and sent President Joe Biden to his signature on his signature legislation that would ban U.S. imports of Russian oil, gas and coal. The House vote of 413-9 followed the Senate’s 100-0 approval earlier Thursday. Once signed by Biden, it will legislate an order he issued last month. Congress also voted Thursday to pass legislation that would strip Russia of its normal trade relationship status, a move that would allow the US to impose large tariff hikes on goods from Russia and Belarus in response to the invasion of Ukraine. “These atrocities taking place in Ukraine are unimaginable,” Representative Richard Neal, a Democrat from Massachusetts, said shortly before the vote. “These actions will further isolate Putin and put more pressure on the Kremlin to end his reign of terror over Ukraine.” When and all other petroleum products are included, such as heating fuel oil that can be used to produce gasoline and diesel, Russia accounted for about 8% of U.S. oil imports in 2021, according to the Energy Information Administration. The effort comes amid increasing pressure on lawmakers to tighten economic pressure on Russian President Vladimir Putin as the atrocities of the war in Ukraine come to light. “This package is about putting every instrument of economic pressure on Vladimir Putin and his oligarch cronies,” said Senator Ron Wyden, an Oregon Democrat who wrote the Senate version of the oil ban and trade law. “Putin’s Russia does not deserve to be part of the economic order that has existed since the end of World War II. Ending normal trade relations makes it clear that Putin has turned Russia into a pariah state.” ©2022 Bloomberg LP

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