Biden Bans Imports of Russian Oil. What is the Business Impact?

President Biden announced Tuesday morning that the United States was banning oil imports from Russia. This comes after Ukrainian President Volodymyr Zelenskyy called on U.S. lawmakers for assistance over the weekend.

The ban on Russian oil is broadly popular on both sides of the aisle in Congress, as well as with the American people.

Concerns over oil prices predate Russia’s invasion of Ukraine, but experts like Tim Snyder from Matador Economics expect prices quickly rise as a result of this move.

With this ban, the U.S. is separating itself from its allies, many of whom rely on Russian oil for a much higher percentage of their overall energy supply. A report from Reuters indicates that Russian oil represents a third of the EU’s supply, while the U.S. relies on Russia for less than 10% of all oil imports.

However, it remains to be seen how consumers and businesses will react to the impact this will have at the pump. While the ban has broad and sweeping approval for the time being, the full effects of this decision will be felt over the coming weeks and months.

As David Beaird, supply chain expert, and U.S. Army veteran, suggests, rising oil prices are yet another hit to an already disrupted supply chain.

For continuing analysis of the impact of rising oil prices, stay tuned to MarketScale.

Follow us on social media for the latest updates in B2B!

Image

Latest

student success
The AI-Powered Edge in Education: How LearningClues Is Enabling Student Success with Co-founder and CEO Dr. Perry Samson
June 30, 2025

As AI continues to reshape education, institutions face a growing challenge in ensuring students succeed without compromising engagement or integrity. Today’s college students are often juggling jobs, family, and coursework, leading to limited study time and increased dropout risk. According to the National Center for Education Statistics, 40% of full-time undergraduates and 74% of…

Read More
AI Strategist
Why Enterprises Need an AI Strategist and Why It Should Be a Marketer
June 30, 2025

In this episode of The Marketing AI SparkCast, Aby Varma, founder of Spark Novus, a leading consultancy that partners with marketing leaders to adopt and scale AI responsibly and strategically, talks with Nicola Smith, Senior AI Programs Advisor at Southwest Airlines. They explore how enterprises can move beyond tool experimentation to embed AI into…

Read More
first 90 days
HealthSearch Partners’ Neill Marshall and Kurt Mosley Urge New CEOs to Listen First, Diagnose Early, and Lead with Purpose in the First 90 Days
June 30, 2025

CEO turnover across U.S. hospitals is accelerating. Hospitals and health systems announced 146 CEO changes in 2023—a 42 percent increase over the 103 exits recorded in 2022, according to a Challenger, Gray & Christmas report. As more leaders transition into new roles, the importance of making a good first impression has intensified. The early…

Read More
tech talent
The DisruptED World of Tech Talent with TEKsystems: Future-Proofing the Workforce Through Inclusive Hiring and Non-Traditional Education
June 27, 2025

In a workforce reshaped by automation, accelerated AI adoption, and persistent labor shortages, the demand for skilled tech talent has never been more urgent—or more difficult to meet. The traditional pipelines, namely college degrees and four-year institutions, are no longer producing enough candidates to meet the explosive growth in tech roles. With tech jobs…

Read More