Mar 3, 2022 - World

Pelosi says she supports banning oil imports from Russia

House Speaker Nancy Pelosi speaking outside of the Capitol on March 2.
House Speaker Nancy Pelosi speaking outside of the Capitol on March 2. Photo: Stefani Reynolds/AFP via Getty Images

House Speaker Nancy Pelosi (D-Calif.) said Thursday she supports banning oil import from Russia in response to Moscow's unprovoked invasion of Ukraine.

Why it matters: The U.S. and its allies have sanctioned many Russian oligarchs, banks and large parts of the country's economy but have stopped short of direct sanctions on Russia's oil and gas exports over fears of energy costs spiraling even higher.

By the numbers: The U.S. imported an average of 405,000 barrels of oil and petroleum products products from Russia everyday in December 2021, according to the Energy Information Administration.

What they're saying: "I'm all for that. Ban it. Ban the oil coming from Russia," Pelosi said when asked about banning oil imports from Russia.

  • Lawmakers from both parties are pushing the White House to impose a ban on U.S. oil and petroleum imports from Russia, even as buyers are steering clear of the country's energy products.

Thought bubble, via Axios' Andrew Freedman: Banning Russian oil imports at a time when global supplies are tight is likely to raise gas prices further, and contribute to inflation.

  • The White House has been hesitant to take this step for this reason.

Go deeper: The latest on the Russian invasion of Ukraine

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