Russian Oil Import Ban: US Has Taken No Decision, Germany Raises Fear Over Energy Risk

The West has restrained in imposing any action against Russian energy imports over fears that how the energy gap would impact the global energy supplies.

Representative Image | Getty

New Delhi: With the global oil prices surpassing $140 per barrel over the Russia-Ukraine conflict, the US clarified that no decision has been made by the Biden administration about a ban on importing oil from Russia.

Since Russia's invasion of Ukraine began last month, the US and other western countries have imposed a series of sanctions against Russia. However, the West has restrained in imposing any action against Russian energy imports over fears that how the energy gap would impact the global energy supplies.

US On Oil Import Ban

"No decision has been made at this point by the President about a ban on importing oil from Russia, and those discussions are ongoing internally and also with our counterparts and partners in Europe and around the world," White House Press Secretary Jen Psaki said during a press briefing, as per news agency ANI.

She said that US President Joe Biden is focused on ensuring economic consequences on Putin while taking action necessary to limit the impact on prices.

"And as you noted, yes, it is true that there has obviously been an impact of the invasion on the level of import to the United States into other parts of the world," the press secretary added.

However, the leader stressed that the US over the next year will produce more oil than ever before.

"The US produced more oil this past year than in President Trump's first year. Next year, according to the Department of Energy, we will produce more oil than ever before," she said.

Earlier the US Secretary of State Antony Blinken said the US was looking at a potential ban in a "coordinated way" with European allies.

Germany On Oil Ban

German Chancellor Olaf Scholz on Monday warned against banning Russian oil and gas as part of the Western sanctions because doing so could put Europe's energy security at risk.

"Europe has deliberately exempted energy supplies from Russia from sanctions," Scholz said in a statement, according to AFP.

"Supplying Europe with energy for heat generation, mobility, electricity supply, and industry cannot be secured in any other way at the moment. It is therefore of essential importance for the provision of public services and the daily lives of our citizens."

Russia On Oil Ban

In response to concerns over sanctions against Russian oil imports, western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline, a senior minister said on Monday, according to Reuters.

"It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market," Russian Deputy Prime Minister Alexander Novak said in a statement on state television.

"The surge in prices would be unpredictable. It would be $300 per barrel if not more." Novak said it would take Europe more than a year to replace the volume of oil it receives from Russia and it would have to pay significantly higher prices.

(With Agencies Inputs)