U.S. House Presses Ahead With Bill to Ban Russian Energy Imports
- Legislation also would prompt review of Russian access to WTO
- Vote to come hours after Biden announced U.S. ban on imports
Source: Bloomberg
The House is forging ahead Tuesday with a vote on legislation to ban U.S. imports of Russian fossil fuels even after President Joe Biden announced he’s taking action to stop U.S. purchases of oil, natural gas and coal.
In addition to banning Russian oil and energy products, the bill also takes steps to review Russia’s access to the World Trade Organization, House Speaker Nancy Pelosi said in a letter sent to House lawmakers. The bill would also reauthorize and strengthen the 2012 Magnitsky Act, which sanctioned human rights abusers in Russia while also normalizing trade relations, so the U.S. can impose further sanctions.
The legislation doesn’t include a provision revoking permanent normal trade relations status for Russia, which key lawmakers in both parties had proposed. That provision, which would have allowed tariff increases on the full range of Russian exports and spelled out conditions for restoring Russia’s status, was removed after a request from the White House, a person familiar with the discussion said.
Senate Majority Leader Chuck Schumer praised Biden’s action to ban Russian energy imports but so far has made no commitment to having his chamber take up separate legislation.
There is broad bipartisan support in Congress for the oil ban after Russia’s invasion of Ukraine, despite the expected impact on politically sensitive gasoline prices. The average retail price for a gallon of gasoline hit $4.173 on Monday, according to auto club AAA, a record without adjustment for inflation. Pressure to act increased after President Volodymyr Zelenskiy asked lawmakers to ban Russian oil imports during a call Saturday.
Administration officials had asked Pelosi on Monday to hold off on separate legislation, arguing it was politically important for the president to move first.
When crude oil and all other petroleum products are included, such as unfinished fuel oil that can be used to produce gasoline and diesel, Russia accounted for about 8% of 2021 U.S. oil imports, according to the Energy Information Administration.
— With assistance by Jennifer A Dlouhy, Saleha Mohsin, Jennifer Jacobs, and Steven T. Denni
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