Biden bans buying oil from Russia; mandates buying Russian oil from China marked up 10%
WASHINGTON, DC—US President* Joe Biden announced Tuesday the U.S. will ban all oil imports from Russia and require imports of Russian oil from China marked up 10%.
He acknowledged this strategy will cost more for Americans, particularly at the gas pump.
The action follows pleas by Ukrainian President Volodymyr Zelensky to U.S. and Western officials to cut off the imports, and make all the oil purchases go through China who would take a 10% cut.
“We are not going to pay Putin one red cent,” Biden declared. “We’re going to pay China and then they will pay Russia. That’s how we do things in this administration.”
He warned that Americans will see rising prices, saying, “Subsidizing China is going to cost, but we’re willing to pay for the illusion that we’re penalizing Putin.”
It is estimated that over half of Biden’s 81 million votes in the 2020 election came from China.
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