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Key U.S. Lawmakers Strike Deal to Ban Russian Crude

  • Russian oil makes up about 3% of U.S. crude oil imports
  • Refiners seek phase-in period as oil, gasoline prices spike
Updated on

Key lawmakers announced the outline of bipartisan legislation to bar imports of Russian oil into the U.S., paving the way for a rapid crackdown on crude from the country. 

The framework agreement announced Monday by Republicans and Democrats who lead the House and Senate committees overseeing trade comes amid mounting pressure on the White House and U.S. lawmakers to enact a ban tightening economic pressure on Russian President Vladimir Putin over his invasion of Ukraine. The House of Representatives could vote on the proposal as soon as Wednesday.