Pres. Biden on ban of Russian oil imports: 'I said defending freedom is going to cost. It's going to cost us, as well...Republicans and Democrats alike understand that. Republicans and Democrats alike have been clear that we must do this.'
Rebecca Jarvis has the latest on high prices at the pump, with the national average skyrocketing to $4.12 a gallon.President Joe Biden announced Tuesday that the U.S. will ban imports of Russian oil and other energy products, but will not be joined in doing so by European allies.
Speaking from the White House, he said it means the American people would deal"another powerful blow" to Russian President Vladimir Putin. Biden has been under growing political pressure from both Democrats and Republicans on Capitol Hill to go forward with a ban even though the White House initially resisted, saying it wasn't in the U.S."strategic interest" to limit the world's energy supply and drive up gasoline prices.
White House officials also say the impact on Russia, which sent just 1% of its oil exports to the U.S. in 2020, would not be great -- especially when its oil and gas sector is already"de facto sanctioned" because of harsh restrictions on Russian banks.