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

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.Mr. Biden said the move would require some sacrifice, but would be for the greater good.How much will the ban hurt Russia, and American consumers?Guest: Clifford Krauss, a national energy business correspondent for The New York Times.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 [email protected]. You can find more information and specific instructions here.Background reading: Mr. Biden banned oil imports from Russia, calling it a “blow to Putin’s war machine.”The ban could have meaningful consequences for the U.S. economy, pushing up prices at the gas pump when inflation is already rapid. Want more from The Daily? For one big idea on the news each week from our team, subscribe to our newsletter. For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.  Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.