Sanctions on Russia: Biden announces US ban on Russian oil imports

The European Commission to cut the EU's dependency on Russian gas * UK to reduce oil and gas imports * Russia, Belarus should be barred from hosting international sports events

 US PRESIDENT Joe Biden speaks on Tuesday at the White House about the situation in Russia and Ukraine. (photo credit: KEVIN LAMARQUE/REUTERS)
US PRESIDENT Joe Biden speaks on Tuesday at the White House about the situation in Russia and Ukraine.

With the war on Ukraine reaching day 13 sanctions against Russia have been consistently ramping up. Among massive sanctions from both private sectors and governments rose the question of dependency on Russian gas and oil, with Russia being one of the main exporters of both.

Coffee giant Starbucks Corp said on Tuesday that it is suspending all business activity in Russia, including the shipment of its products and cafes run by a licensee.

Russia and Belarus should not be permitted to host, bid for, or be awarded any international sporting events after the invasion of Ukraine, according to a statement signed by sporting officials from dozens of countries and released by the U.S. State Department.

The statement calls on international sporting federations to limit sponsorship opportunities for companies tied to Russian and Belarusian governments. It is signed by officials from the United Kingdom, Italy and Japan, among other countries. China and India are not included in the statement.

US President Joe Biden on Tuesday announced a US ban on Russian oil and other energy imports, ramping up a pressure campaign on Moscow in retaliation for the invasion of Ukraine.

The European Commission published plans on Tuesday to cut the EU's dependency on Russian gas by two-thirds this year and end its reliance on Russian supplies of the fuel "well before 2030."

The European Union executive said it will do so by switching to alternative supplies and expanding clean energy more quickly under the plans, which will largely be the responsibility of national governments for implementing.

The British government will make an announcement around 1600 GMT on Tuesday about how it intends to reduce Russian oil and gas imports over time, Politico reporter Alex Wickham said on Twitter.

British Prime Minister Boris Johnson said on Monday that the world could not simply stop using oil and gas from Russia but it could accelerate the transition away from it.

U.S. President Joe Biden is expected to announce a ban on Russian oil in remarks at 10:45 a.m. (1545 GMT) on Tuesday, sources familiar with the matter said.

McDonald's Corp said on Tuesday it would temporarily close its restaurants and pause all operations in Russia following Moscow's invasion of Ukraine.

General Electric Co GE.N on Tuesday said it is suspending operations in Russia, with the exception of providing essential medical equipment and supporting existing power services in the region.