Biden bans Russian oil imports; 'enforcing most significant package of economic sanctions'

US President Joe Biden on Tuesday announced his decision to ban all imports of Russian gas, oil and energy amid Moscow's military offensive against Ukraine. He said that sanctions will cause significant damage to Russia's economy. Biden also claimed that the "US is a bigger producer of oil than all European countries."

"We're banning all imports of Russian gas, oil, and energy. We're moving forward with this ban understanding that many of our European allies and partners may not be in a position to join us," Biden said adding that "We are enforcing the most significant package of economic sanctions in history, and it's causing significant damage to Russia's economy."

This development comes after Ukrainian President Volodymyr Zelenskyy's multiple pleas to US and Western officials to cut off Russian imports, which had been ignored in the previous sanction. 

Would a ban on Russian oil by the US hurt Moscow?

The blow on Russia would likely be minimal as the US imports a small share of Russia's oil and does not buy any of its natural gas.

In 2021, roughly 8% of the US' oil and petroleum imports came from Russia. Together, the imports totalled 245 million barrels in 2021, which was approximately 672,000 barrels of oil and petroleum products a day. But imports of Moscow's oil have been falling rapidly as buyers shunned the fuel. However, it may impact the US where the average price of gasoline has reached $4 a gallon. 

Meanwhile, for now, a broad US-European ban seems elusive. On Monday, German Chancellor Olaf Scholz informed that his country, which is Europe's single-largest consumer of Russian energy, has no intention to join in any ban.

Ukraine says 400 civilian deaths recorded

On the 13th day of the war, Ukraine's Defence Minister Oleksiy Reznikov on Tuesday put out new estimates of casualties and damage from the Russian war, saying Russia's 'special military operation' has killed 38 children and injured more than 70. 

He said that at least 400 civilian casualties have been reported and 800 injuries, waring that these data are definitely incomplete. He also accused Moscow of destroying more than 200 Ukrainian schools, 34 hospitals and 1,500 residential buildings.