Congress Introduces Bill to Ban Russian Crude, Seeking to Squeeze Putin Revenue Source

A bipartisan group of lawmakers from the House and Senate unveiled a bill Thursday that would ban domestic imports of Russian crude oil, petroleum, petroleum products, liquefied natural gas and coal, in a step aimed at choking a critical source of revenue for Russian President Vladimir Putin after his decision to invade Ukraine.

Congress Introduces Bill to Ban Russian Crude, Seeking to Squeeze Putin Revenue Source Im-497671?width=620&height=413

Congress Introduces Bill to Ban Russian Crude, Seeking to Squeeze Putin Revenue Source Im-497671?width=620&height=413

Sen. Lisa Murkowski (R., Alaska), who sponsored the Ban Russian Energy Imports Act with Sen. Joe Manchin (D., W.Va.) said that what distinguishes the bill from a flurry of others introduced in recent days is that it has supporters from both parties and both chambers of Congress.

"It means it actually has some legs," said Ms. Murkowski, the top Republican on the Senate Energy and Natural Resources Committee. Mr. Manchin chairs the panel.

"We're not going to send Russia any more U.S. dollars to help them kill innocent people," Ms. Murkowski said at a news conference Thursday. "This bill will do it."

The legislation would declare that a national emergency exists because Russia’s attack on Ukraine poses a threat to the security, foreign policy and economy of the U.S. During that period of emergency, the bill would require the president to prohibit imports of crude oil, petroleum, petroleum products, LNG and coal from Russia.

The bill exempts products that are already in transit or loaded at the time the law is enacted.

"Putin has weaponized energy," said Sen. Jon Tester (D., Mont.), one of the bill's co-sponsors. "I don't believe this country should be importing anything from Russia, but the fact of the matter is his energy is something that Putin depends upon for his finances, and he's depending on it to fight this war in Ukraine."

The Biden administration is weighing options to cut U.S. dependence on Russian oil without disrupting global supply, according to administration officials. But the administration has so far not endorsed a ban on Russian imports, warning of possible surges in energy prices.

Sen. Lindsey Graham (R., S.C.), another co-sponsor, said it would be a crippling blow to Mr. Putin if other countries banned Russian oil imports, as well.

"What I hope will happen over time is that the world will follow our lead here," Mr. Graham said. "If you hit him in the energy, the oil and gas sector of his economy, he will fail."

House Speaker Nancy Pelosi (D., Calif.) said earlier Thursday that she supports a ban on Russian oil imports. “I’m all for that -- ban it. Ban the oil coming from Russia,” she said during a news conference on Thursday.

A spokesman for Senate Majority Leader Chuck Schumer (D., N.Y.) didn't respond to a request for comment.

Pressed by reporters Thursday about the consequences for U.S. consumers, who could see gasoline prices rise, Mr. Manchin said he would gladly pay 10 cents more a gallon to help the Ukrainians.

.https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-03/card/congress-introduces-bill-to-ban-russian-crude-seeking-to-squeeze-putin-revenue-source-ppUZbgVfQZTbpGTa6fN8

Congress Introduces Bill to Ban Russian Crude, Seeking to Squeeze Putin Revenue Source

Congress Introduces Bill to Ban Russian Crude, Seeking to Squeeze Putin Revenue Source

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