White House has 'lost control on the Hill' over Russian oil ban
by Katherine Doyle, White House Reporter |
| March 05, 2022 06:15 AM
President Joe Biden is looking for new ways to punish Russia's Vladimir Putin after the current slate of penalties failed to stop the invasion in Ukraine.
U.S. and European sanctions on Moscow have crippled its financial system. But Biden carved out an exemption on Russia’s oil and gas sector, which accounts for 36% of the country’s revenue, wary that a spike in gas prices could add to already record-high inflation.
“The goal was to maximize the impact on Putin and Russia and to minimize the harm on us and our allies and friends around the world,” Biden said this week. About 8% of U.S. liquid fuel imports are from Russia.
The sanctions are having an impact on the world’s largest oil exporter, with prices Friday surging the most since 2005. Bipartisan majorities say the United States should stop buying Russian oil, with lawmakers turning the pressure on the White House this week and urging ramped-up sanctions.
“I’m all for that. Ban it,” House Speaker Nancy Pelosi said Thursday.
Her remarks followed a hearing in which Biden’s aides were pounded over the president’s plans to ratchet up Putin’s pain by adding new or secondary penalties.
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