US Bans Crude Oil Import from Russia: Here are the Top Countries That Still Import Russian Crude Oil

In a move to step up pressure on Vladimir Putin as his country continued to invade Ukraine for over 10 days, President Joe Biden on Tuesday announced that US will ban import of oil from Russia. The president said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.

“Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden said in remarks from the White House. “That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine.” The action follows pleas by Ukrainian President Volodymyr Zelenskyy to the US and Western officials to cut off the import of Russian oil and gas.

Russia is likely to receive a blow with Biden banning oil imports from Moscow as the United State accounts for a trade value of $950 million in terms of crude oil import from the country, according to the UN Comtrade report 2020. The share in import sums up to 1.3 per cent. It is the 13th largest country that imports oil from Russia.

As the Americans continue to rally support for Ukraine, here is a look at the other top countries that import oil from Russia as per the  the UN Comtrade report 2020.

China: China stands at the first position in terms of oil import from Russia with an import share of 32.8 per cent. The trade value of crude oil imported from Russia stands at $23.77 billion.

Netherlands: The trade value of crude oil imported by the Netherlands from Russia sums up to $9.42 billion, with an import share of 13 per cent — the second largest among all countries.

Germany: For Germany, which has also imposed sanctions on Kremlin, the crude oil imports from Russia has a share in import of 8.7 per cent with the trade value skyrocketing at $6.28 billion.

South Korea: With South Korea, the trade value of crude oil imported from Russia is as much as $5.03 billion, accounting for 6.9 per cent import share.

Poland: The trade value of crude oil import from Russia in case of Poland stands at $4.18 billion, while the share in import is as much as 5.8 per cent.

Biden’s move comes as gas prices skyrocket in the US as Russia’s invasion of Ukraine rocks the global oil market. The sanctions the West has slapped on Russia have so far exempted oil exports. But Biden has faced pressure from both Democrats and Republicans to impose tougher restrictions on Russia’s energy sector, which could inflict more damage on the Russian economy than the retaliatory economic measures taken so far, CNN reported.

(With PTI inputs)

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