President Biden was reportedly poised to enact tough new sanctions on Russian oligarchs Thursday as House Speaker Nancy Pelosi called for a ban on oil imports to punish the Kremlin for its invasion of Ukraine.
The proposed new measures would block an expanded list of President Vladimir Putin’s cronies and their families from entering the U.S., CNN reported.
It would also take action to prevent the billionaires from transferring assets to relatives or loyal friends, a common tactic to avoid accountability.
The stepped-up actions may be announced at a White House cabinet meeting that is expected to focus heavily on the situation in Ukraine. They would mirror edicts imposed by European and other allies aimed at inflicting more pain on the Russian ruling class.
Pelosi announced her support for banning imports of Russian oil by the U.S., a step that the White House has so far not backed.
“I’m all for that. Ban it,” Pelosi said at her weekly Capitol Hill press conference. “Ban the oil coming from Russia.”
Biden vowed during his State of the Union address to step up sanctions against the oligarchs who bolster Putin’s authoritarian rule.
Attorney General Merrick Garland Wednesday announced the creation of a Department of Justice task force dubbed the “Kleptocapture” squad. It will lay the legal groundwork to strip Putin-allied billionaires of their luxurious yachts, plush private jets and palatial apartments.
Biden had earlier moved cautiously with sanctions, preferring to move only after lining support from allies.
Russia’s economy heavily depends on oil and gas exports and any boycott would inflict massive pain across society.
Germany scrapped the lucrative NordStream gas pipeline from Russia in response to the invasion, one of the first and most powerful signs of Western willingness to make sacrifices to punish Moscow.
The proposed U.S. oil ban has attracted some bipartisan support. But Biden is wary of taking action that may drive up the price of gas at the pump, which has already soared in recent months.
Biden also wants to avoid taking any measures that could exacerbate inflation, since polls show many Americans blame him for rising prices for everything from rent to groceries and cars.
