Will Banning Russian Oil Hurt Russia, or the U.S.?

<p>On Tuesday morning, President Biden took to the podium at the White House to deliver a solemn and provocative speech. As punishment for waging war on Ukraine, he announced,  the United States would cut off Russian oil imports.</p><p>Mr. Biden said the move would require some sacrifice, but would be for the greater good.</p><p>How much will the ban hurt Russia, and American consumers?</p><p>Guest: <a href="https://www.nytimes.com/by/clifford-krauss?smid=pc-thedaily">Clifford Krauss</a>, a national energy business correspondent for The New York Times.</p><p>Have you lost a loved one during the pandemic? The Daily is working on a special episode memorializing those we have lost to the coronavirus. If you would like to share their name on the episode, please RECORD A VOICE MEMO and send it to us at <a href="mailto:thedaily@nytimes.com">thedaily@nytimes.com</a>. You can find more information and<a href="https://www.nytimes.com/2022/02/03/podcasts/daily-memorial-covid.html"> specific instructions here</a>.</p><p>Background reading: </p><ul><li>Mr. Biden <a href="https://www.nytimes.com/2022/03/08/us/politics/biden-oil-ban-russia-ukraine-putin.html?smid=pc-thedaily">banned oil imports from Russia</a>, calling it a “blow to Putin’s war machine.”</li><li>The ban could have <a href="https://www.nytimes.com/2022/03/08/business/economy/russian-oil-ban-economy.html?smid=pc-thedaily">meaningful consequences for the U.S. economy</a>, pushing up prices at the gas pump when inflation is already rapid. </li></ul><p>Want more from The Daily? For one big idea on the news each week from our team, <a href="https://www.nytimes.com/newsletters/the-daily?module=inline">subscribe to our newsletter</a>. </p><p>For more information on today’s episode, visit <a href="http://nytimes.com/thedaily?smid=pc-thedaily">nytimes.com/thedaily</a>. Transcripts of each episode will be made available by the next workday. </p>