FOR IMMEDIATE RELEASE:
March 8, 2022
Contact: press@defensepriorities.org
WASHINGTON, DC—Today, President Biden announced a ban on Russian oil and gas imports to the United States. Defense Priorities Director of Grand Strategy Rajan Menon issued the following statement in response:
“President Biden’s decision to ban the import of Russian crude oil and natural gas may be an understandable response to Russia’s invasion of Ukraine. But this move is unlikely to coerce Russian President Vladimir Putin toward ending the war and withdrawing Russian forces. Only 8% of U.S. oil and petroleum imports come from Russia, and without a multilateral oil ban that would cause global chaos in the markets, Russia will continue to export to other buyers in Europe and Asia. Though the U.S. accounts for slightly more than 1% of Russian crude oil exports, this decision could possibly have at least short-term effects on American consumers at a time when prices at the pump are at their highest since 2008.
“Economic pressure, including on Russia’s financial industry, is unlikely to compel Putin to change his behavior. To the contrary, Putin is more likely to double down on his current approach by escalating a war he views as integral to Russia’s core security interests and his own legacy. The sanctions recently announced are strictly punitive, designed to penalize Russia for a decision it has already made rather than achieve a de-escalation of this horrible conflict.”
Author
Rajan
Menon
Non-Resident Senior Fellow
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