China News Agency, Washington, March 8 (Reporter Chen Mengtong) US President Biden signed an executive order at the White House on the 8th announcing that the United States banned the import of Russian oil, liquefied natural gas and coal due to the Ukraine issue.

　　The executive order also prohibits new investments by U.S. individuals and entities in the Russian energy industry, while prohibiting U.S. citizens from providing financing or guarantees for foreign companies investing in Russia to produce energy.

　　Biden's speech on the ban that day, on the one hand, emphasized the unity of the United States and Europe on Russia's stance, and on the other hand, implied Europe's dependence on Russian energy.

He said the U.S. side made the decision after close consultation with its allies. "As we move forward with this ban, we know that many European allies may not be able to join us."

　　Biden also admitted that while the United States adopts this sanctions ban to put pressure on Russia, it will also pay for it.

　　On the day Biden announced the Russian oil ban, the average U.S. gasoline price hit a record high since July 2008, rising to $4.173 a gallon.

The figure was up 55 cents from a week earlier, according to AAA data.

　　According to data from the U.S. Energy Information Administration, in 2021, the United States will import about 245 million barrels of crude oil and petroleum products from Russia, a year-on-year increase of 24%.

　　The White House issued a statement on the 8th saying that in order to curb the rise in oil prices, the US government has promised to release 90 million barrels of strategic oil reserves this fiscal year.

At the same time, it will increase domestic oil and gas production in the United States, and U.S. crude oil production is expected to hit a new high next year.

　　In response to the upward pressure on domestic oil prices, the Biden administration has released 50 million barrels and 30 million barrels of strategic oil reserves in November last year and March this year, respectively.

As of March 4, the U.S. Strategic Petroleum Reserve had fallen to 577.5 million barrels, according to the U.S. Department of Energy.

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