White House says there's no 'strategic interest' in reducing oil supplies as Pelosi calls for Russian ban

The Biden administration on Thursday poured cold water on banning oil CL.1, -0.71% imports from Russia, a move that some in Congress including House Speaker Nancy Pelosi are calling for. “We don’t have a strategic interest in reducing the global supply of energy,” White House press secretary Jen Psaki told reporters at a daily briefing. “Less supply raises prices,” she said. Psaki did not completely close the door to a future ban, however, saying “I don’t have any assessment of that for you,” when directly asked if the administration is moving closer to a ban. Pelosi earlier on Thursday threw her support behind a Senate bill that aims to ban the import of Russian oil into the U.S., as part of the Western response to Russia’s invasion of Ukraine. “I’m all for that. Ban it,” the California Democrat told reporters.