The Washington PostDemocracy Dies in Darkness

West takes aim at Russian oil and gas while companies halt business

Panicked residents of Irpin, near Kyiv, are fleeing the city across a destroyed bridge, seeking to escape relentless Russian bombardment. (Video: Whitney Shefte, Alice Li/The Washington Post, Photo: Heidi Levine for The Washington Post/The Washington Post)
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The Biden administration announced Tuesday it will ban imports of oil and natural gas from Russia, in one of the United States’ most far-reaching actions yet to penalize Moscow for its invasion of Ukraine.

President Biden acknowledged Americans would see gas prices increase, at a time when average costs have already broken records. The European Commission, meanwhile, presented a plan to cut Russian gas imports by two-thirds this year, and Britain said it will phase out Russian oil.

Economic pressure from companies is building, too. Coca-Cola, McDonald’s and Starbucks on Tuesday joined the long list of corporations suspending their business in Russia amid mounting public pressure. About 9 percent of McDonald’s’ revenue comes from Russia and Ukraine, according to Bank of America.