Russian gas and oil had, until now, mostly been spared from sanctions introduced by the U.S. and European countries to protest Russia’s invasion of Ukraine. That’s due to concern over the economic impact, particularly on Europe, which has greater dependence on Russian oil and natural gas. But under pressure from Congress, where legislation to ban Russian oil was advancing, U.S. President Joe Biden took action.
Crude oil, petroleum, petroleum fuels, oils, liquefied natural gas, and coal from Russia. The ban doesn’t include Russian uranium, which made up about 16% of U.S. uranium imports in 2020. The order allows for a 45-day wind down period for deliveries of existing purchases that are already under contract, a senior administration official told reporters Tuesday. Americans will also be prohibited from participating in foreign investments that flow into Russia’s energy sector.