US Secretary of State Antony Blinken said Sunday that the US is working with its allies in Europe to look into the possibility of banning Russian oil imports in an effort to further punish the country for its unprovoked invasion of Ukraine.
“When it comes to oil, Russian oil, I was on the phone yesterday with the President and other members of the Cabinet on exactly the subject, and we are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil in world markets,” he told CNN’s Jake Tapper on “State of the Union.”
“That's a very active discussion as we speak,” Blinken added.
The US has already announced a slew of sanctions against Russia and President Vladimir Putin since the country's unprovoked invasion of Ukraine last month. But the unprecedented step of sanctioning its oil exports would likely send prices skyrocketing, dealing a painful blow to consumers around the world as Russia is the world's No. 2 oil producer.
Though the US consumes very little Russian oil -- oil imports from Russia stood at just 90,000 barrels per day in December -- the interconnected global market means supply shocks in one part of the world can impact prices everywhere.