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President Joe Biden’s ban on Russian oil strikes at one of the largest oil exporters to the U.S., a move that could have wide impact even though imports account for a small portion of the overall U.S. oil supply.
Russian crude oil and petroleum product exports to the U.S. represent 8 percent of all its imported oil and less than 2 percent of the U.S. supply, an NBC News analysis of U.S. and European oil data found. This is a far cry from European nations: About half import most of their oil, and of that imported oil, an average of 20 percent comes from Russia.
Biden said Tuesday that the Russian oil ban would likely drive up gasoline prices in the U.S. He also acknowledged that not all European countries would be able to follow suit on the ban. As of Wednesday, Canada and the United Kingdom had announced bans on Russian oil. According to Eurostat, Russian crude oil and petroleum products accounts for 12 percent of the U.K.’s oil imports.