WASHINGTON (Reuters) – U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices. “We’re banning all imports of Russian oil and gas energy,” Biden told reporters at the White House. “That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin’s war machine.” Oil prices jumped on the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4% to $129.91 a barrel by 1345 GMT. The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information
UK to phase out Russian oil by end of 2022
British Energy Secretary Kwasi Kwarteng announced on Tuesday that the United Kingdom will phase out Russian oil and oil products by the end of the year. “This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand,” he explained. Kwarteng added the UK will work with companies to help them find alternative suppliers. He also stated that “while the UK is not dependent on Russian natural gas,” as it represents 4% of British supply, the government is looking into ending gas imports from Russia as well.
EU drafts plan to ditch Russian gas
According to the European Commission, gas imports from Russia can already be reduced by two thirds in the coming year. The rest will then be phased out in the coming years, according to a plan presented by the Commission on Tuesday. Brussels is mainly looking at compulsory building up of gas reserves and a faster transition to sustainable energy. Dependence on Russian gas should be reduced well before 2030, according to the European Commission. The EU wants to obtain more liquid gas (LNG) from the US, Azerbaijan and Turkey, among others, and is increasing the targets for renewable energy for 2030. For example, more biomethane and hydrogen will be imported and the use of fossil energy at home must decline more quickly.
The measures would save 155 billion cubic meters of gas by 2030, which is the same as the total volume from Russia.
Two-thirds of that could be saved within a year. Last year, 45 percent of the European gas supply consisted of Russian gas. Companies are obliged to fill gas storages In addition, it will be mandatory for companies to fill the gas storage facilities “on EU territory”.At the moment this is more on a voluntary basis. Only in Germany are companies obliged to have at least 90 percent filled in storage by December 1 each year.