The prospect of a ban on Russian oil and gas sent jitters through energy markets as oil prices hit 13-year highs.
In a letter to Democratic colleagues, Speaker Nancy Pelosi said the U.S. House of Representatives is"exploring strong legislation" to ban imports of Russian oil."Our bill would ban the import of Russian oil and energy products into the United States, repeal normal trade relations with Russia and Belarus, and take the first step to deny Russia access to the World Trade Organization. We would also empower the Executive branch to raise tariffs on Russian imports," she said.
The House will vote on aid to Ukraine this week totaling $10 billion in humanitarian, military and economic support.Joe Raedle | Getty Images The crude oil tanker, Chemtrans Cancale, is seen anchored off shore as it waits to dock at Port Everglades on April 20, 2020 in Fort Lauderdale, Florida.in early trading Sunday evening, as the market continued to react to supply disruptions stemming from the war between Russia and Ukraine and the possibility that the U.S. and its allies and partners could institute a ban on Russian oil and natural gas.
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