U.S. may go alone on Russia oil ban, crude prices soar
(Bloomberg) — The U.S. House is exploring a bill that would ban the import of Russian oil and energy products, as a steady stream of companies pulled out of the country in response to Moscow’s invasion of Ukraine.
Oil soared above $139 a barrel after the White House said it was considering an embargo on Russian supplies.
The Biden administration is considering whether to prohibit Russian oil imports into the U.S. without the participation of allies in Europe, at least initially, according to two people familiar with the matter.
The administration has yet to decide on a U.S. import ban, with the timing and scope of any move still fluid, according to the people, who spoke on condition of anonymity. Administration officials have been in close contact with allies on a possible ban while also working to prepare for the domestic impact, the people said.
