In an effort to further punish Moscow for its invasion of Ukraine, the Biden administration decided to ban Russian ships from docking at all US ports, in line with similar moves imposed by Canada and other European allies.
After considering such a move back in March, the White House decided to officially ban Russian-affiliated ships from coming to US shores, in line with its other embargoes including halting oil and gas shipments from the post-Soviet country. “That means no ship, no ship that sails under the Russian flag or that is owned or operated by a Russian entity, will be allowed to dock in a United States port or access our shores. None,” announced US President Joe Biden on Thursday, as cited by Reuters.
The Biden administration referred to “the policies and actions of the government of the Russian Federation to continue the premeditated, unjustified, unprovoked and brutal war against Ukraine,” as the reasoning behind the ban. The new order will block Russian owned or operated ships— even those reflagged at sea— from entering the US.
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However, in a more cautious approach to prevent the US government from shooting itself in the foot (again), the Biden administration this time embarked on an extensive review to ensure the embargo would not significantly affect American supply chains. According to sources cited by Reuters, Russian ships made approximately 1,800 stops at US ports last year, which amounts to less than 3% of all traffic.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
