Biden formally signs U.S. energy import ban from Russia

On March 8, local time, the White House issued a statement on its website, saying that U.
S.
President Biden officially signed an executive order banning U.
S.
energy imports from Russia
.

The statement details the contents of the executive order, which include: a ban on imports of Russian crude oil and certain petroleum products, liquefied natural gas, and coal; a ban on new U.
S.
investment in Russia’s energy sector; a ban on U.
S.
funding or support for energy investment in Russia company
etc.

At the same time, Biden said he would continue his efforts to reduce the pressure on American households due to rising energy prices and reduce the United States' reliance on foreign oil and fossil fuels
.
The U.
S.
government has pledged to release more than 90 million barrels of oil from the Strategic Petroleum Reserve this fiscal year
.
The U.
S.
government is also in talks with a range of energy producers and consumers about further steps that can be taken to ensure a stable global energy supply
.

Previously reported: U.
S.
announces ban on energy imports from Russia

On March 8, local time, U.
S.
President Biden delivered a speech at the White House, announcing a ban on U.
S.
imports of Russian oil and natural gas energy
.

Biden said the decision was made in close consultation with U.
S.
allies and partners
.
Biden said the United States is working closely with partners in Europe on a long-term strategy to reduce its reliance on Russian energy
.

Biden acknowledged that the decision to ban Russian oil imports would further boost domestic oil prices, saying he would minimize the resulting increase in domestic gasoline prices
.
Crude futures in New York rose 4% to $124.
21 on March 8 after the U.
S.
expected to ban Russian oil imports
.

In addition, Biden also said in his speech that day that the United States has provided Ukraine with more than $1 billion in security assistance so far
.
A shipment of defensive weapons arrives in Ukraine every day from the United States
.
Biden called on Congress to pass his proposed $12 billion aid package for Ukraine
.