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Tags: biden | russia | sanctions | energy prices | oil | 2024 election | inflation

Biden Won't Ban Russian Oil to Help Prices

Biden Won't Ban Russian Oil to Help Prices
The oil tanker Nobel waiting to transfer crude oil from Russia, March 5, 2023, in Ceuta, Spain. (Antonio Sempere/AP)

By    |   Monday, 26 February 2024 08:04 AM EST

The Biden administration’s latest round of sanctions purposely do not ban Russian oil in order to avoid energy cost increases, Breitbart reports, quoting remarks by Deputy Treasury Secretary Wall Adeyemo.

“Russia will still have the ability to sell their oil,” Adeyemo said Friday on MSNBC. “They’ll just make less money doing it going forward.”

Host Katy Tur of “Katy Tur Reports” then asked, “What about banning Russian oil? I know we have a price cap on it now. Have you — has the administration considered putting an outright ban on Russian oil?”

Adeyemo answered that the desire to keep energy prices low has kept the Biden administration from banning Russian oil outright, despite other sanctions against Russia in retaliation for its war against Ukraine:

“So, the reason we put a price cap on Russian oil was because we wanted to make sure that we did two things: reduce Russia’s revenues, but make sure that we don’t increase the cost of energy for the rest of the world, and we succeeded in doing that to date,” the deputy Treasury secretary said.

"Russia’s revenues from energy for the federal government [are] down 40% in 2023, and we’ve seen energy prices in the rest of the world come down. Our goal is to make that even starker for Russia, and that’s why we’re taking the actions going after their largest shipping company.”

© 2024 Newsmax Finance. All rights reserved.


StreetTalk
The Biden administration's latest round of sanctions purposely do not ban Russian oil in order to avoid energy cost increases, Breitbart reports, quoting remarks by Deputy Treasury Secretary Wall Adeyemo.
biden, russia, sanctions, energy prices, oil, 2024 election, inflation, ukraine war
246
2024-04-26
Monday, 26 February 2024 08:04 AM
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