A new presidential executive order banning imports of Russian oil, liquefied natural gas and coal will raise costs for the first two fuel sources and could have repercussions on the U.S. economy, but administration officials say the halt is necessary to intensify the squeeze on Vladimir Putin as his military continues to devastate Ukraine.
“This is a step that we’re taking to inflict further pain on Putin," President Joe Biden said in March 8 remarks announcing the directive. “But there will be costs as well here in the United States.”