Senate passes ban on Russian oil and gas imports

Senate passes ban on Russian oil and gas imports


Rail wagons for oil, fuel and liquefied gas cargo stand in sidings at Yanichkino railway station, close to the Gazprom Neft PJSC Moscow refinery in Moscow, Russia, on Monday, April 27, 2020.

Andrey Rudakov | Bloomberg | Getty Images

WASHINGTON — The Senate on Thursday passed a bill to ban imports of oil and gas from Russia, the latest measure in the U.S. governmentwide effort to economically isolate and penalize the Kremlin for its unprovoked invasion of Ukraine.

The legislation, passed in a 100-0 vote, prohibits the importation of oil, gas, coal and other energy products from Russia. It comes nearly a month after President Joe Biden signed an executive order that mandated essentially the same steps.

The Senate bill codifies Biden’s order into law, making it far more difficult for a future president to reverse it. The legislation passed after having been bogged down in the Senate for weeks.

The oil import ban passed immediately after the unanimous Senate approval of a bill to revoke Russia’s permanent normal trade relations with the United States, often referred to as “most favored nation” status. The legislation would also sever the normal trade relationship with Belarus, a key Russian ally.

“This package is about bringing every tool of economic pressure to bear on Vladimir Putin and his oligarch cronies,” said Sen. Ron Wyden, D-Ore., in a statement on the measures.

CNBC Politics

Read more of CNBC’s politics coverage:

“Putin’s Russia does not deserve to be a part of the economic order that has existed since the end of World War II,” he said.

Both the oil ban bill and the trade status legislation are expected to get votes in the House later in the day Thursday. They are expected to pass with overwhelming majorities.

This is breaking news. Please check back for updates.



Source

Chinese chipmaker SMIC shares fall nearly 7% after earnings miss
World

Chinese chipmaker SMIC shares fall nearly 7% after earnings miss

A logo hangs on the building of the Beijing branch of Semiconductor Manufacturing International Corporation (SMIC) on December 4, 2020 in Beijing, China. Vcg | Visual China Group | Getty Images Shares of Semiconductor Manufacturing International Corporation, China’s largest contract chip maker, fell nearly 7% Friday after its first-quarter earnings missed estimates. After trading on […]

Read More
China’s shipments to U.S. plunge 21% in April while overall exports surge, beating estimates
World

China’s shipments to U.S. plunge 21% in April while overall exports surge, beating estimates

A China Shipping cargo container sits stacked at the Port of Long Beach in Long Beach, California on April 10, 2025.  Patrick T. Fallon | Afp | Getty Images China’s exports surged in April even as shipments to the U.S. plunged as businesses bore the brunt of prohibitive U.S. tariffs that kicked in last month. […]

Read More
Asia-Pacific stocks trade mixed as investors await China trade data
World

Asia-Pacific stocks trade mixed as investors await China trade data

The view of Nanjing Road East Pedestrian Mall, the main shopping street in Shanghai. Bruce Yuanyue Bi | The Image Bank | Getty Images Asia-Pacific markets were mixed Friday as investors awaited China’s April trade data amid worries of a significant slowdown in exports growth due to U.S tariffs. Economists polled by Reuters estimate outbound […]

Read More