Biden has banned Russian energy imports, but the EU, which is more reliant on Russian energy, must wait.

Banning Russian energy will backfire on Europe and send aftershocks throughout the market. German Foreign Minister Annalena Baerbock initially announced that Germany would cease purchases from Russia but quickly changed her stance. Finance Minister Christian Lindner said that Germany would support Ukraine but not at the expense of the German people. "It was a mistake that Germany became so heavily dependent on energy imports from Russia," she admitted after avoiding warnings years ago.

Germany is the #1 importer of Russian energy, with 34% of its total petroleum coming from Russia. Nearly half of Germany's coal is tied to Russia, and one-third of homes are heated with Russian imported oil. Germany purchased 27 billion tons of crude from Russia in 2021 alone.