White House meets top oil and banking CEOs over Russian sanctions

Top officials of the Biden administration will meet Monday with executives from banks, oil companies and other companies to discuss the impact of the war between Russia and Ukraine and the resulting sanctions imposed by the US and its European allies.

Treasury Secretary Janet Yellen, National Security Adviser Jake Sullivan, National Economic Council Director Brian Deese and Commerce Secretary Gina Raimondo will hold a face-to-face, off-the-record discussion this afternoon with companies operating banking, clean energy, oil, food and manufacturing industries, according to a White House official.

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Companies attending include Exxon Mobil, ConocoPhillips, Marathon Petroleum, JPMorgan Chase, Visa, Bank of America, Land O’Lakes, Cargill, US Steel, Dow, Pattern and Invenergy, the official said.

Treasury Secretary Janet Yellen speaks in a virtual roundtable with Black Chambers of Commerce attendees across the country to discuss the US bailout plan, Friday, Feb. 5, 2021, from the South Court Auditorium at the White House. (AP Photo/Jacquelyn Martin/AP Newsroom)

Government officials will brief business leaders on the US ban on Russian oil and other financial issues related to Russia’s invasion of Ukraine.

The US has sparked a global effort to punish the Kremlin for its… invasion of Ukraine almost a month ago, the biggest attack on a European state in decades.

The West’s series of sanctions includes cutting off a key part of the Central Bank of Russia by preventing it from selling dollars, euros and other foreign currencies in its reserve stock of about $630 billion; blocking certain financial institutions from the Swift messaging system for international payments; and impose sanctions on some of Russia’s elites with close ties to President Vladimir Putin.

The US also ordered a ban on Russian oil imports — something President Biden has warned will hurt Americans at the gas pump.

Customers queue outside a bank

A powerful coalition of democracies announced it would cut some Russian banks from the global payment system Swift. (Anton Vaganov/Reuters/Reuters)

“Defending freedom is going to cost money,” Biden said when announcing the sentence.

The sanctions come as US consumers are already grappling with the highest inflation rate in four decades, with prices rising 7.9% in February.

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In response, the White House has urged energy suppliers to ramp up production to help quell rising prices. The Biden administration has also accused executives of prioritizing investor returns over higher output — and has suggested that oil companies keep gas prices high even when oil costs are inches lower.

“Oil and gas companies should not increase their profits at the expense of hard-working Americans,” Biden said last week.

Edward Lawrence of FOX Business contributed to this report

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