Biden admin to ban imports of all Russian oil, LNG and coal imports as early as today - BBG


Share:

The Biden administration is set to ban all US imports of oil, liquid natural gas (LNG) and coal as soon as today (Tuesday) without the participation of European allies, sources told Bloomberg. Analysts have pointed out that in 2021, the US was importing 700K barrels of crude oil per day from Russia. However, since the Russian invasion of Ukraine, US buyers of crude oil have taken it upon themselves to stop buying Russian crude (in anticipation of such a ban). Analysts pointed out that, last week, the US did not import any Russian crude oil. So Monday's announcement is more a case of making a policy that US oil importers had already been following official.  

Separately, US Senator Chris Coons recently said CNN that the White House is likely to ban oil imports from Russia and warned that gas prices are likely to increase in the US and globally. 

Market Reaction

Though many had expected such an announcement would come soon, front-month WTI futures are nonetheless rallying. Perhaps traders weren't expecting the ban to be announced as soon as Tuesday. WTI has recently pushed to highs of the day in the $124.00s and will now be eyeing a retest of Monday's highs in the $127.50 area. 

Share: Feed news

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD recovers toward 1.0700 ahead of Powell

EUR/USD recovers toward 1.0700 ahead of Powell

EUR/USD has managed to stage a rebound toward 1.0700 after having dropped to a fresh multi-week low below 1.0670 in the early American session. With Wall Street's main indexes recovering from opening lows ahead of Powell's speech, the US Dollar loses interest.

EUR/USD News

GBP/USD rebounds to 1.2000 area as US Dollar loses strength

GBP/USD rebounds to 1.2000 area as US Dollar loses strength

GBP/USD has gained traction and climbed above 1.2000, erasing a large portion of its daily losses. As investors await FOMC Chairman Jerome Powell's speech, the US Dollar is struggling to preserve its strength, allowing the pair to edge higher.

GBP/USD News

Gold advances above $1,870 as US yields retreat

Gold advances above $1,870 as US yields retreat

Gold price erased daily losses and turned positive on the day above $1,870. The benchmark 10-year US Treasury bond yield lost its traction and fell into negative territory, helping XAU/USD regain its traction ahead of FOMC Chairman Jerome Powell's interview.

Gold News

Google battles ChatGPT with Bard: Will this trigger rally in AI tokens?

Google battles ChatGPT with Bard: Will this trigger rally in AI tokens?

Google is getting its ChatGPT competitor ready for action, the company said that its AI service Bard would be open to trusted testers and the service is being prepared for release within the following weeks. 

Read more

Canoo Stock Forecast: Monday's GOEV plunge meets Tuesday buyers

Canoo Stock Forecast: Monday's GOEV plunge meets Tuesday buyers

Canoo (GOEV) stock is trading up more than 3% in Tuesday's premarket after a surprise share offering on Monday helped the EV small-cap to close 12.4% lower. This seemed like a major overreaction from the market, which should have seen this coming.

Read more

Forex MAJORS

Cryptocurrencies

Signatures