US weighs acting without allies on ban of Russian oil imports – Bloomberg

Dhwani Mehta FXStreet

As the Russia-Ukraine crisis gets entrenched, the US and its NATO allies are contemplating a ban on Russian oil imports, which will cripple Moscow while isolating it completely from the rest of the world.

That said, “the Biden administration is considering whether to prohibit Russian oil imports into the US without the participation of allies in Europe, at least initially,” Bloomberg reports, citing two people familiar with the matter.

Additional takeaways

The administration has yet to decide on a US import ban, with the timing and scope of any move still fluid.

Administration officials have been in close contact with allies on a possible ban while also working to prepare for the domestic impact.

This comes after House Speaker Nancy Pelosi said the House is “exploring strong legislation” that would ban the import of Russian oil and energy products.

Market reaction

WTI has caught a fresh bid on these headlines, as it recaptures the $122 mark, rising 7.70% on the day.

The US oil hit 14-year highs of $125.04 earlier on.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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