US President Joe Biden decided to ban Russian oil imports on Tuesday in response for the invasion of Ukraine, in a move that would drive up energy prices.
"We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be acceptable in U.S. ports, another powerful blow to Putin's war machine," Biden said.
Oil prices jumped on the news, with Benchmark Brent crude for May climbed by 5.4% to $129.91 a barrel.
A senior economic adviser to Ukraine's President Volodymyr Zelensky called on the world to make a sacrifice and tolerate possible near-term gas price hikes to help thwart a Russian military offensive and save lives, Politico reported.
Oleg Yushchenko, Deputy Minister of Infrastructure of Ukraine said that the global embargo on Russian oil imports led by the United States could end the military campaign launched by Russian President Vladimir Putin on Ukraine.
Yushchenko explained that without Moscow's badly needed oil and gas revenues, which represent a large share of total state income, Putin's government will quickly face large deficits that it will not be able to finance under Western sanctions that have largely isolated Russia from global financial markets.
"Eventually, Putin will run out of money to fund his military campaign and he will be forced to step back."
The economist added, he admits that it will be expensive for everyone, but the price that Ukrainians pay is their lives and the destruction of their cities and villages.
US Secretary of State Anthony Blinken has said that the Biden administration is in talks with its European allies about the possibility of banning Russian oil imports and exploring ways to ensure that global energy supplies can continue.
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