Washington, D.C. — Today, the Biden administration imposed a ban on the import of Russian oil in response to Russia’s invasion of Ukraine. Following the announcement, Patrick Gaspard, president and CEO of the Center for American Progress, issued the following statement:
This is an important step to show that we are serious about sanctions that will impose a real cost on Russia for its disastrous invasion of Ukraine. If Vladimir Putin thought the West would not have the stomach for strong economic sanctions, he’s been proved wrong. Targeting Russia’s oil exports, combined with other coordinated sanctions, will have a dramatic impact on squeezing the Russian economy. The more Putin realizes his invasion of Ukraine will be a massive economic and military drain on Russia, the more likely he is to negotiate a cease-fire and withdraw troops. While today’s sanctions will affect global oil prices, it’s important to note that President Joe Biden is taking steps to keep gas prices in check.
At the same time, it is crucial that energy producers do not use Putin’s war as an excuse to pad their pockets by raising prices. We must also support our allies in Europe as they move to reduce their reliance on Russian gas. Putin’s invasion of Ukraine is another important reminder of the urgency of transitioning to clean energy. His weaponization of fossil fuels coupled with the volatile whims of global energy markets show us that we’re never going to find energy independence at the bottom of a well. Ultimately, these sanctions may be a turning point in both de-escalating the conflict in Ukraine and moving the world toward a more sustainable energy policy.
For more information or to speak with an expert, please contact Sam Hananel at [email protected] or Julia Cusick at [email protected].