Courtney Statement As Biden Administration Announces U.S. Ban On Imports Of Russian Oil, Liquefied Natural Gas, And Coal

Statement

Today, Congressman Joe Courtney (CT-02), Chairman of the House Armed Services Subcommittee on Seapower and Projection Forces, issued the following statement regarding news that President Joe Biden will sign an Executive Order to ban the import of Russian oil, liquefied natural gas, and coal to the United States. The President's move to ban these imports has widespread bipartisan support, and will further deprive Russian President Vladimir Putin of the economic resources being used to fuel the lawless invasion of Ukraine.

"The incessant bombing of innocent civilians has reinforced the need for America and our allies to ratchet up support for our democratic partners in Ukraine," said Rep. Courtney, "both through continued lethal defense aid--which is already arriving, with more on the way--and by cutting the legs out from under the economy that's fueling Putin's invasion. The defense equipment we've provided to our Ukrainian partners has strengthened their resistance, the sanctions we've been piling onto Putin's economy and his oligarchs have already sparked dissent inside of Russia's elite class. This latest round of strikes to Russia's oil sector will tighten the screws even more on this despot and his lawless regime, and I strongly support Congressional action to codify President Biden's new Executive Order. Putin needs resources, capable partners, and actual victories on the ground to accomplish his ends in Ukraine--so far, America's support has helped deprived him of all three."

Last week, following a call with Ukrainian President Volodymyr Zelenskyy, Rep. Courtney called for the U.S. to end Russian oil imports. "[President Zelenskyy] made clear that it's time for all countries, including the U.S., to cut off Russian oil imports to our nations," said Rep. Courtney after the call. "He's right--let's cut them off."

President Biden's Executive Order will ban:

The importation into the United States of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.
New U.S. investment in Russia's energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin's efforts to expand energy production inside Russia.
Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia.
According to data from the U.S. Energy Information Administration, Russian oil made up roughly 3% of all crude oil shipments that arrived to the U.S. last year. When also including other petroleum products, like unfinished fuel oil that can be used as a feedstock to produce gasoline and diesel, Russia accounted for about 8% of the U.S.'s 2021 oil imports.

The Biden Administration has already committed to releasing more than 90 million barrels from the Strategic Petroleum Reserve this fiscal year, with an emergency sale of 30 million barrels announced just last week. That announcement was made in concert with America's partners and fellow member-countries of the International Energy Agency (IEA), who agreed to release a collective 60 million barrels of crude oil from their collective strategic petroleum reserves.

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