There's growing momentum in Congress to ban US imports of Russian oil.
"I'm all for that. Ban it," House Speaker Nancy Pelosi said this week.A bipartisan bill, unveiled this week by Democratic Sen. Joe Manchin of West Virginia and Republican Lisa Murkowski of Alaska, would do just that. Note that this is very different from the more sweeping step of imposing sanctions on Russian oil, a move that would prevent virtually all nations from using Russian oil.
Banning Russian oil could create modest headaches for a few refiners and make the energy system overall less efficient as oil flows are rerouted to compensate."In short, a US ban on Russian oil imports would be mostly symbolic," said Fitzmaurice.Outright sanctions are a different storyLeveling sanctions directly on Russian oil would be a much bigger deal.
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