US President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, saying the ban on Russian oil was a ‘powerful blow’ to ‘Putin’s war,’ and warned that Americans ‘defending freedom is going to cost’. Biden added that the current crisis was a reminder that “we must be energy independent”.
The US’ allies too joined hands, with Britain saying it would phase out Russian imports of oil and oil products by the end of 2022 and called on businesses to use the transition period to ensure a smooth transition, while