Sign in Subscribe
Legislative bills

US Lawmakers Introduce Bill to Ban Russian Oil Imports in Response to Ukraine Invasion

Strategic Insights

— 2 min read

US Congresswoman Nancy Mace and Representative Ro Khanna have joined Senator Martin Heinrich to introduce a bill that aims to ban Russian oil imports in response to the ongoing Ukraine invasion. The Severing Putin's Immense Gains from Oil Transfers (SPIGOT) Act aims to cut off the revenue stream that Vladimir Putin's regime relies on to fund its invasion of Ukraine.

The US is importing approximately 600,000 barrels of oil from Russia per day, with Russia's President Vladimir Putin using the money gained from oil and gas exports to fund his illegal invasion of Ukraine. The SPIGOT Act would also support the Biden Administration in uncovering the relationship between Russian President Vladimir Putin, Russian oil oligarchs, and human rights abuses.

Key Takeaways:

  • The SPIGOT Act aims to ban Russian oil imports in response to the ongoing Ukraine invasion, cutting off the revenue stream that Vladimir Putin's regime relies on to fund its invasion.
  • The US is importing approximately 600,000 barrels of oil from Russia per day, with Russia's President Vladimir Putin using the money gained from oil and gas exports to fund his illegal invasion of Ukraine.
  • The SPIGOT Act would also support the Biden Administration in uncovering the relationship between Russian President Vladimir Putin, Russian oil oligarchs, and human rights abuses.
  • Senator John McCain once urged the US to reassess its relationship with Russia, calling it "a gas station masquerading as a country."
  • The bill would prohibit Russian crude oil and petroleum products imports and invest massively in renewable energy here at home.
  • Senator Martin Heinrich stated that "Prohibiting Russian crude oil and petroleum will strike at the piggy banks of corrupt Russian oligarchs who have enabled Putin's repression at home and brutality abroad."
  • The US imported approximately 245,000,000 barrels of crude oil and petroleum products from the Russian Federation in 2021, which would equal an estimated $17.4 billion in revenue to Russia.
  • In 2021, the Russian Federation became the second-largest exporter of crude oil to the United States.

Statistics:

  • 600,000 barrels of oil are imported from Russia by the US per day.
  • Russia's President Vladimir Putin uses the money gained from oil and gas exports to fund his illegal invasion of Ukraine.
  • $17.4 billion in revenue was earned by Russia from oil and petroleum exports to the US in 2021.
  • 36% of all revenue of the Russian government came from the oil and gas sector in 2021.
  • 245,000,000 barrels of crude oil and petroleum products were imported from the Russian Federation by the US in 2021.

Sources:

  • Senator Edward J. Markey (D-Mass.)
  • Representatives Nancy Mace (SC-01) and Ro Khanna (CA-17)
  • Senator Martin Heinrich (D-N.M.)
  • US Energy Information Administration
  • Ministry of Finance of the Russian Federation
  • The Severing Putin's Immense Gains from Oil Transfers (SPIGOT) Act

Read more