Putin’s war hurting American families at gas pump, will do everything to contain price hike: Joe Biden

This step is aimed at depriving Russia of billions of dollars in revenues from US drivers and consumers annually. Last year, the US imported nearly 7,00,000 barrels of crude oil and refined petroleum products from Russia daily. The executive order also banned new US investment in Russia’s energy sector, to ensure that American companies and investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia, the White House said. It mentioned that Americans will also be prohibited from financing or enabling foreign companies that are investing to produce energy in Russia.