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AP National Business

EXPLAINER: What does a US ban on Russian oil accomplish?

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Published 5:10 AM

By CATHY BUSSEWITZ and MATTHEW DALY
Associated Press

NEW YORK (AP) — With Russia intensifying its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden announced a U.S. ban on imported Russian oil. A full embargo would be most effective if it included European allies, which are also desperate to stop the violence in Ukraine and the danger Moscow poses to the continent. Yet it’s far from clear that all of Europe would take part in an embargo. Any curbs on Russian oil exports could send already skyrocketing oil and gasoline prices ever higher and further squeeze consumers, businesses, financial markets and the global economy.

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