Psaki revealed details of sanctions against Russian energy carriers

US companies will have 45 days to fulfill existing contracts before the ban on energy imports from Russia comes into force, new contracts are prohibited, said White House spokeswoman Jen Psaki.

President Joe Biden signed an order banning energy imports from Russia, despite record-breaking domestic gasoline prices. According to a White House report, the order bans imports and any action to circumvent the president’s decision as well as attempts to collude for such purposes. Exceptions to the import ban may be made pursuant to law, guidelines or licenses, the order said.

“The executive order banning energy imports, prohibits new contracts. Under existing contracts, they will have 45 days to execute,” Psaki said during an audio briefing.

The U.S. produced more oil and gas than average last year, Psaki said. “Next year is predicted to be a record year in terms of oil and gas production,” Psaki said.

Biden had previously warned that gasoline prices in the country would continue to rise due to anti-Russian sanctions. A day earlier, Russian Deputy Prime Minister Alexander Novak said that abandoning Russian oil would lead to disastrous consequences for the world market and cause a spike in prices to $300 a barrel or more.

OPEC Secretary General Mohammed Barkindo said that the current situation in the oil market demonstrates that countries should not make the world energy sector hostage to their political and other differences.