US Secretary of State Antony Blinken has said that the US is in “active discussions” with their partners in Europe regarding banning the import of Russian oil.
A ban on Russian oil imports is now reportedly on the cards in Europe and the US, with the American Secretary of State, Antony Blinken, saying that his nation is in “active discussions” with its allies regarding the potential ban.
The announcement resulted in the price of oil initially spiking by 20 per cent, with the price of Brent crude oil rising to just under $140 a barrel in Asian markets on Monday.
According to a report by the Financial Times, Blinken said that he wished for the US to coordinate any implemented measure with its allies, but that he wouldn’t rule out the country going it alone on any steps it decides.
“We are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course at the same time maintaining a steady global supply of oil,” the publication reports the Secretary of State as saying.
Blinken also however emphasised that he was “not going to rule out taking action one way or another irrespective of what [the country’s allies] do”.
Other American lawmakers, including Senators Marco Rubio and Joe Manchin III have also reportedly called for a ban on Russian gas imports in the US, as well as for a ban on Russian gas to also be implemented.
Although stopping short of endorsing a gas ban, a significant number of officials across Europe have also expressed a desire to ramp up restrictions against Russia, with authorities in the UK, Brussels, and France all saying they wish to increase pressure on the country.
While the ban on importing Russian energy has rising political support, it will nevertheless likely have a considerable impact on energy prices across western nations, many of which are heavily dependent on Russian gas imports.
Some European nations even went so far as to increase their defacto reliance on Russian energy imports over the last number of months, with Germany, in particular, shutting down a number of its nuclear power plants in December of last year in the hopes of moving to renewable sources.
With Russia now having invaded Ukraine, Germany is caught in an awkward position where 55 per cent of its gas imports — as well as a large minority of its coal and oil imports — come from a country it is currently implementing heavy sanctions on.
While overall less reliant on Russian imports, the United Kingdom is also feeling the pinch in regards to the increasing cost of energy, with Britons being recently told that they should turn down their thermostats in order to save on home heating costs.
Britain’s Prime Minister Boris Johnson has meanwhile argued that the Western world should relax its green targets, calling on the US and Canada in particular to ramp up their production of fossil fuels.
However, despite the increased energy costs for UK citizens, Britain itself has maintained a ban on fracking within the country, with controversy also brewing on whether oil in the country’s North Sea should be harvested or left in the ground.
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