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What does a US ban on Russian oil accomplish for the US?

What does a US ban on Russian oil accomplish for the US?
Good morning folks, Sorry to keep you waiting. There was a couple of phone calls today. I'm announcing the United States is targeting the main artery of Russia's economy. We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at U. S. Ports and the american people will deal another powerful blow to Putin's war machine. This is a move that has strong bipartisan support in Congress. And I believe in the country, americans have rallied support, have rallied to support the Ukrainian people and made it clear we will not be part of subsidizing Putin's war. This made we made this decision in close consultation with our allies and our partners around the world, particularly in europe. Because a united response to Putin's aggression has been my overriding focus to keep all NATO and all of the EU and our allies totally united. We're moving forward this band understanding that many of our european allies and partners may not be in a position to join us. The United States produces far more oil domestically than all of european, all the european countries combined. In fact, we're a net exporter of energy so we can take this step when others cannot. But we're working closely with europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well. Our teams are actively discussing how to make this happen. And today we remain united. We remain united in our purpose to keep pressure mounting on Putin and his war machine. This is a step that we're taking to inflict further pain on Putin but there will be costs as well here in the United States. I said I would level with the american people from the beginning and when I first spoke to this, I said defending freedom is going to cost, it's going to cost us as well in the United States. Republicans and democrats understand like understand that republicans and democrats alike have been clear that we must do this. Over the last week, I spoke with President Zelensky several times. Do you remember about the situation on the ground and to consult and continue to consult with our european allies and about us support for Ukraine and Ukrainian people. Thus far, we've provided more than $1 billion dollars in security assistance to Ukraine shipments of defensive weapons are arriving in Ukraine every day from the United States and we, the United States, the ones coordinating the delivery of our allies and partners of similar weapons from Germany to Finland to the Netherlands were come, we're working that out. We're also providing humanitarian support for the Ukrainian people, both of those still in Ukraine and those who have fled safely to a neighboring country. We're working with humanitarian organizations to surge tens of thousands of tons of food, water and medical supplies into Ukraine and with more on the way over the weekend, I sent Secretary Blinken to visit our border between the border between Poland and Ukraine and Moldova to see what the situation was. First hand and report back General Milley, Chairman of the Joint Chiefs of Staff. Our Defense Department is also what was also in europe meeting with his counterparts and allies on NATO eastern flank To reassure them those countries bordering Russia NATO countries that we will keep our NATO commitment sacred commitment. Article of Article five, the Vice president Harris is gonna be traveling to meet with our allies in Poland and Romania later this week as well. I've made it clear that the United States will share in the responsibility of caring for the refugees so the costs do not fall entirely on the european countries border in Ukraine and yesterday I spoke with my counterparts in France Germany and the United Kingdom. While Russia is escalating violence against Ukraine and the steps that we're going to take together with our allies and partners around the world to respond to this aggression. We are enforcing the most significant package of economic sanctions in history and it's causing significant damage to Russia's economy. It has caused Russian economy to fight frank, frankly crater The Russian ruble is now down to 50% by 50% ST. Putin's announced his war one ruble Is now worth less than one American penny one ruble less than one American penny. And preventing Russia's Central bank from propping up the ruble and to keep its value up. They're not gonna be able to do that. Now we cut the Russians largest banks from the international financial system and has crippled their ability to do business with the rest of the world. In addition, we're choking off Russia's access to technology like semiconductors that are and uh and sap its uh its economic strength and weaken its military for years to come. Major companies are pulling out of Russia entirely without even being asked not by us over the weekend. Visa Mastercard american express, they all suspended their services in Russia. All of them joining a growing list of american and global companies from ford to Nike to apple. They have suspended their operations in Russia. The U. S. Stock exchange has halted trading of many Russian securities. The private sector is united against Russia's vicious war of choice. The U. S. Department of Justice has assembled a dedicated task force to go after Russian for the crimes of Russian oligarchs. And we're joining with our european allies to find and seize their yachts, their luxury apartments, their private jets and all their ill begotten gains to make sure that they share in the pain of Putin's war. These, by the way, are giant yachts. You put some of them in your press. I mean some of them are, I think I've read one was over 400 ft long. I mean it's uh this is worth hundreds of millions of dollars. The decision today is not without cost here at home. Putin's war is already hurting american families at the gas pump since Putin began his military build up on Ukrainian borders. Just since then, The price of the gas at the pump in America went up 75 cents. And with this action is going to go up further, I'm going to do everything I can to minimize Putin's price hike here at home in coordination with our partners, we've already announced that we're releasing 60 million barrels of oil from our joint oil reserves. Half of that 30 billion million, excuse me, is coming from the United States and we're taking steps to ensure the reliable supply of global energy. We are also going to keep working with every tool at our disposal, protect american families and businesses. Let me, let me say this to the oil and gas companies and to the finance firms that pack. We understand Putin's war against the people of Ukraine is causing prices to rise. We get that. That's self evident, but but but but it's no excuse to exercise excessive price increases or padding profits or any kind of effort to exploit this situation or, or american consumers exploit them. Russia's aggression is costing us all. And there's no time for profiteering or price gouging. I want to be clear about what we will not tolerate, but I also want to acknowledge those firms and oil and gas industries that are pulling out of Russia and joining other businesses that are leading by example, this is the time when we have to do our part and make sure we're not taking, we're not taking advantage. Let me be clear About two other points. one, it's simply not true that my administration or policies are holding back domestic energy production. That's simply not true. Even amid the pandemic companies in the United States pump more oil during my first year in office than they did during my predecessor's first year. We're approaching a record levels of oil and gas production in the United States and we're on track to set a record oil production next year. In the United States, 90% of onshore oil production takes place on land that isn't owned by the federal government And of the remaining 10 that occurs on federal land. The oil and gas industry has millions of acres leased. They have 9000 permits to drill. Now, they could be drilling right now, yesterday, last week, last year They have 9000 to drill on shore that are already approved. So let me be clear, let me be clear they are not using them for production now, that's their decision. These are the facts. We should be honest about the facts. Second, this crisis is a stark reminder to protect our economy. Over the long term. We need to become energy independent. I have had numerous conversations over the last three months with our european friends and how they have to wean themselves off of us. Russian oil. It's just not, it's just not tenable. It should motivate us to accelerate the transition to clean energy. This is a perspective examining our european allies share and the future where together we can achieve greater independence, loosening environmental regulations are pulling back clean energy investment. Won't let me explain. Won't will not lower energy prices for families, but transforming our economy to run on electric vehicles powered by clean energy with tax credits to help american families winterize their homes and use less energy. That will that will help. And if we can, if we do what we can, it will mean that no one has to worry about the price of gas pump in the future. That will mean tyrants like Putin won't be able to use fossil fuels as weapons against other nations and it will make America a world leader manufacturing and exporting clean energy technologies of the future to countries all around the world. This is the goal we should be racing towards. Over the last two weeks. Ukrainian people have inspired the world and I mean that in a literal sense, they've inspired the world with their bravery, their patriotism, their defiant determination to live free Putin's war. Putin's war has caused enormous suffering and needless loss of life of women, Children, Everyone in Ukraine both Ukraine and I might add Russians. Ukrainian leaders as well as leaders around the world have repeatedly called for a ceasefire for humanitarian relief for real diplomacy. But Putin seems determined to continue on his murderous path. No matter the cost. Putin is now targeting cities and has been targeting cities and civilians, schools, hospitals, apartment buildings. Last week he attacked the largest nuclear power plant in europe with an apparent disregard for the potential of triggering a nuclear meltdown. He has already turned two million Ukrainians into refugees. Russia may continue to grind out its advance at a horrible price, but this much is already clear. Ukraine will never be a victory for Putin. Putin may be able to take a city, but he'll never be able to hold the country. And if we do not respond to Putin's assault on global peace and stability today, the cost of freedom and to the american people will be even greater tomorrow. So we're going to continue to support the brave Ukrainian people as they fight for their country. And I call on Congress to pass the $12 billion Ukraine assistance package that I have asked him for. Of late Ukrainian people are demonstrating by their physical courage that they are not about to just let Putin take what he wants. That's clear. They'll defend their freedom, their democracy, their lives. And we're going to keep providing security assistance, economic assistance and humanitarian assistance. We're going to support them against tyranny, oppression, violent acts of subjugation people everywhere. And I think it's maybe even surprise some of you all people everywhere are speaking up for freedom. When the history of this war is written, Putin's war on Ukraine will have left Russia weaker and the rest of the world stronger. And God bless all those heroes in Ukraine. And now I'm off to texas. Thank you very, very much. I know there's a lot of questions I know, I know there's a lot of questions, but there's a lot more that has to be made clear and I'm gonna hold on that until we get more information. Thank you, appreciate it.
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What does a US ban on Russian oil accomplish for the US?
Video above: Gas tops $6 a gallon at some California stations As Russia has intensified its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden has announced a ban on importing Russian fuel. Critics of Russia have said this would be the best 바카라 게임 웹사이트 perhaps only 바카라 게임 웹사이트 way to force Moscow to pull back.A full embargo would be most effective if it included European allies, which are also desperate to stop the violence in Ukraine and the danger Moscow poses to the continent. Yet it's far from clear that Europe would take part in an embargo.Unlike the United States, Europe is deeply reliant on energy it imports from Russia. While the U.S. could replace the relatively small amount of fuel it receives from Moscow, Europe could not, at least not anytime soon.What's more, any curbs on Russian oil exports would send already skyrocketing oil and gasoline prices ever higher on both continents and further squeeze consumers, businesses, financial markets and the global economy.Here is a deeper look:WHAT WILL HAPPEN WITH A U.S. BAN ON RUSSIAN OIL?Amid rising gasoline prices in the U.S. 바카라 게임 웹사이트 the average price has topped $4 a gallon for the first time since 2008 바카라 게임 웹사이트 the Biden administration has faced growing pressure to impose further sanctions on Russia, including a ban on oil imports.For now, a broad U.S.-European ban appears elusive. On Monday, German Chancellor Olaf Scholz made clear that his country, Europe's single-largest consumer of Russian energy, has no plans to join in any ban. In response, U.S. Deputy Secretary of State Wendy Sherman hinted that the U.S. could act alone or with a smaller group of allies.바카라 게임 웹사이트Not every country has done exactly the same thing," Sherman said, "but we have all reached a threshold that is necessary to impose the severe costs that we have all agreed to.바카라 게임 웹사이트Even with a ban on Russian oil, the Biden administration and Congress 바카라 게임 웹사이트remain laser-focused on bringing down the higher energy costs for American families and our partners stemming from Putin바카라 게임 웹사이트s invasion," House Speaker Nancy Pelosi said.Pelosi, who has expressed support for a U.S. ban on Russian oil, nevertheless also cited Biden바카라 게임 웹사이트s action in leading U.S. allies to release 60 million barrels of oil from strategic reserves, including 30 million barrels from U.S. reserves, to try to stabilize global markets.WILL A U.S.-ONLY BAN ON RUSSIAN OIL HURT MOSCOW?The impact on Russia will likely be minimal. The United States imports a small share of Russia's oil exports and doesn't buy any of its natural gas.Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia. Together, the imports totaled the equivalent of 245 million barrels in 2021, which was roughly 672,000 barrels of oil and petroleum products a day. But imports of Russian oil have been declining rapidly as buyers shunned the fuel.Because the amount of oil the U.S. imports from Russia is modest, Russia could potentially sell that oil elsewhere, perhaps in China or India. Still, it would probably have to sell it at a steep discount, because fewer and fewer buyers are accepting Russian oil.If Russia were eventually shut off from the global market, rogue countries such as Iran and Venezuela might be "welcomed back" as sources of oil, said Claudio Galimberti, senior vice president of analysis at Rystad Energy. Such additional sources could, in turn, potentially stabilize prices.A team of Biden administration officials were in Venezuela over the weekend to discuss energy and other issues, White House press secretary Jen Psaki said. Officials discussed 바카라 게임 웹사이트a range of issues, including certainly energy security,'' Psaki said.바카라 게임 웹사이트By eliminating some of the demand, we're forcing the price of Russian oil down, and that does reduce revenue to Russia,바카라 게임 웹사이트 said Kevin Book, managing director at Clearview Energy Partners. 바카라 게임 웹사이트In theory, it is a way of reducing how much Russia earns on every barrel it sells, maybe not by a lot, but by some. The most important question is whether there바카라 게임 웹사이트s going to be more pressure on the other side of the Atlantic.HOW COULD A RUSSIAN OIL BAN AFFECT PRICES?The news of the looming U.S. oil ban sent gasoline prices to their highest level ever recorded, with a gallon of regular selling for an average of $4.17 Tuesday.A month ago, oil was selling for about $90 a barrel. Now, prices are surging around $130 a barrel as buyers shun Russian crude. Refiners had already feared being left with oil they couldn't resell if sanctions were imposed.Shell said Tuesday that it would stop buying Russian oil and natural gas and shut down its service stations, aviation fuels and other operations there, days after Ukraine바카라 게임 웹사이트s foreign minister criticized the energy giant for continuing to buy Russian oil.Energy analysts warn that prices could go as high to $160 or even $200 a barrel if buyers continue shunning Russian crude. That trend could send U.S. gasoline prices past $5 a gallon, a scenario that Biden and other political figures are desperate to avoid.ARE RUSSIAN IMPORTS ALREADY FALLING?The U.S. oil industry has said it shares the goal of reducing reliance on foreign energy sources and is committed to working with the Biden administration and Congress. Even without sanctions, some U.S. refiners have severed contracts with Russian companies. Imports of Russian crude oil and products have tumbled.바카라 게임 웹사이트Our industry has taken significant and meaningful steps to unwind relationships바카라 게임 웹사이트 with Russia and voluntarily limit Russian imports, said Frank Macchiarola, senior vice president of the American Petroleum Institute, the oil and gas industry바카라 게임 웹사이트s largest lobbying group.Preliminary data from the U.S. Energy Department shows imports of Russian crude dropped to zero in the last week in February.The petroleum institute hasn't taken a formal stance on legislation to ban Russian oil imports. But it says it would comply with any restrictions imposed.WILL EUROPE GO ALONG?A ban on Russian oil and natural gas would be painful for Europe. Russia provides about 40% of Europe바카라 게임 웹사이트s natural gas for home heating, electricity and industry uses and about a quarter of Europe's oil. European officials are looking for ways to reduce their dependence, but it's going to take time.Germany바카라 게임 웹사이트s economy minister, Robert Habeck, on Tuesday defended the European decision so far to exempt Russian energy from sanctions.바카라 게임 웹사이트The sanctions have been chosen deliberately so that they impact the Russian economy and the Putin regime seriously, but they also have been chosen deliberately so that we as an economy and a nation can keep them up for a long time,바카라 게임 웹사이트 Habeck told reporters. 바카라 게임 웹사이트Ill-considered behavior could lead to exactly the opposite.바카라 게임 웹사이트바카라 게임 웹사이트We have maneuvered ourselves into an ever-greater dependency on fossil energy imports from Russia in the last 20 years,바카라 게임 웹사이트 Habeck said. 바카라 게임 웹사이트That is not a good state of affairs."Russian Deputy Prime Minister Alexander Novak underlined that urgency, saying Russia would have 바카라 게임 웹사이트every right바카라 게임 웹사이트 to halt natural gas shipments to Europe through the Nord Stream 1 pipeline in retaliation for Germany halting the parallel Nord Stream 2 pipeline, which was not yet operating. He added that 바카라 게임 웹사이트we have not taken this decision바카라 게임 웹사이트 and that 바카라 게임 웹사이트no one would benefit from this.바카라 게임 웹사이트 It was a change from earlier Russian assurances that they had no intention of cutting off gas to Europe.Oil is easier to replace than natural gas. Other countries could increase production of oil and ship it to Europe. But much oil would have to be replaced, and this would drive up prices even more because the oil would likely have to travel farther.Replacing the natural gas that Russia provides to Europe is likely impossible in the short term. Most of the natural gas Russia provides to Europe travels through pipelines. To replace it, Europe would mostly import liquefied natural gas, known as LNG. The continent doesn't have enough pipelines to distribute gas from coastal import facilities to farther reaches of the continent.In January, two-thirds of American LNG exports went to Europe. Some ships filled with LNG had been heading to Asia but turned around to go to Europe because buyers there offered to pay higher prices, according to S&P Global Platts.While U.S. oil and gas producers could drill for more natural gas, its export facilities are already operating at capacity. Expanding those facilities would take years and billions of dollars. ___AP writer Geir Moulson contributed from Berlin and AP writer Aamer Madhani contributed from Washington.

Video above: Gas tops $6 a gallon at some California stations

As Russia has intensified its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden has announced a ban on importing Russian fuel. Critics of Russia have said this would be the best 바카라 게임 웹사이트 perhaps only 바카라 게임 웹사이트 way to force Moscow to pull back.

Advertisement

A full embargo would be most effective if it included European allies, which are also desperate to stop the violence in Ukraine and the danger Moscow poses to the continent. Yet it's far from clear that Europe would take part in an embargo.

Unlike the United States, Europe is deeply reliant on energy it imports from Russia. While the U.S. could replace the relatively small amount of fuel it receives from Moscow, Europe could not, at least not anytime soon.

What's more, any curbs on Russian oil exports would send already skyrocketing oil and gasoline prices ever higher on both continents and further squeeze consumers, businesses, financial markets and the global economy.

Here is a deeper look:

WHAT WILL HAPPEN WITH A U.S. BAN ON RUSSIAN OIL?

Amid rising gasoline prices in the U.S. 바카라 게임 웹사이트 the average price has topped $4 a gallon for the first time since 2008 바카라 게임 웹사이트 the Biden administration has faced growing pressure to impose further sanctions on Russia, including a ban on oil imports.

For now, a broad U.S.-European ban appears elusive. On Monday, German Chancellor Olaf Scholz made clear that his country, Europe's single-largest consumer of Russian energy, has no plans to join in any ban. In response, U.S. Deputy Secretary of State Wendy Sherman hinted that the U.S. could act alone or with a smaller group of allies.

바카라 게임 웹사이트Not every country has done exactly the same thing," Sherman said, "but we have all reached a threshold that is necessary to impose the severe costs that we have all agreed to.바카라 게임 웹사이트

Even with a ban on Russian oil, the Biden administration and Congress 바카라 게임 웹사이트remain laser-focused on bringing down the higher energy costs for American families and our partners stemming from Putin바카라 게임 웹사이트s invasion," House Speaker Nancy Pelosi said.

Pelosi, who has expressed support for a U.S. ban on Russian oil, nevertheless also cited Biden바카라 게임 웹사이트s action in leading from strategic reserves, including 30 million barrels from U.S. reserves, to try to stabilize global markets.

WILL A U.S.-ONLY BAN ON RUSSIAN OIL HURT MOSCOW?

The impact on Russia will likely be minimal. The United States imports a small share of Russia's oil exports and doesn't buy any of its natural gas.

Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia. Together, the imports totaled the equivalent of 245 million barrels in 2021, which was roughly 672,000 barrels of oil and petroleum products a day. But imports of Russian oil have been declining rapidly as buyers shunned the fuel.

Because the amount of oil the U.S. imports from Russia is modest, Russia could potentially sell that oil elsewhere, perhaps in China or India. Still, it would probably have to sell it at a steep discount, because fewer and fewer buyers are accepting Russian oil.

If Russia were eventually shut off from the global market, rogue countries such as Iran and Venezuela might be "welcomed back" as sources of oil, said Claudio Galimberti, senior vice president of analysis at Rystad Energy. Such additional sources could, in turn, potentially stabilize prices.

A team of Biden administration officials were in Venezuela over the weekend to discuss energy and other issues, White House press secretary Jen Psaki said. Officials discussed 바카라 게임 웹사이트a range of issues, including certainly energy security,'' Psaki said.

바카라 게임 웹사이트By eliminating some of the demand, we're forcing the price of Russian oil down, and that does reduce revenue to Russia,바카라 게임 웹사이트 said Kevin Book, managing director at Clearview Energy Partners. 바카라 게임 웹사이트In theory, it is a way of reducing how much Russia earns on every barrel it sells, maybe not by a lot, but by some. The most important question is whether there바카라 게임 웹사이트s going to be more pressure on the other side of the Atlantic.

HOW COULD A RUSSIAN OIL BAN AFFECT PRICES?

The news of the looming U.S. oil ban sent gasoline prices to their highest level ever recorded, with a gallon of regular selling for an average of $4.17 Tuesday.

A month ago, oil was selling for about $90 a barrel. Now, prices are surging around $130 a barrel as buyers shun Russian crude. Refiners had already feared being left with oil they couldn't resell if sanctions were imposed.

Shell said Tuesday that it would stop buying Russian oil and natural gas and shut down its service stations, aviation fuels and other operations there, days after Ukraine바카라 게임 웹사이트s foreign minister criticized the energy giant for continuing to buy Russian oil.

Energy analysts warn that prices could go as high to $160 or even $200 a barrel if buyers continue shunning Russian crude. That trend could send U.S. gasoline prices past $5 a gallon, a scenario that Biden and other political figures are desperate to avoid.

ARE RUSSIAN IMPORTS ALREADY FALLING?

The U.S. oil industry has said it shares the goal of reducing reliance on foreign energy sources and is committed to working with the Biden administration and Congress. Even without sanctions, some U.S. refiners have severed contracts with Russian companies. Imports of Russian crude oil and products have tumbled.

바카라 게임 웹사이트Our industry has taken significant and meaningful steps to unwind relationships바카라 게임 웹사이트 with Russia and voluntarily limit Russian imports, said Frank Macchiarola, senior vice president of the American Petroleum Institute, the oil and gas industry바카라 게임 웹사이트s largest lobbying group.

Preliminary data from the U.S. Energy Department shows imports of Russian crude dropped to zero in the last week in February.

The petroleum institute hasn't taken a formal stance on legislation to ban Russian oil imports. But it says it would comply with any restrictions imposed.

WILL EUROPE GO ALONG?

A ban on Russian oil and natural gas would be painful for Europe. Russia provides about 40% of Europe바카라 게임 웹사이트s natural gas for home heating, electricity and industry uses and about a quarter of Europe's oil. European officials are looking for ways to reduce their dependence, but it's going to take time.

Germany바카라 게임 웹사이트s economy minister, Robert Habeck, on Tuesday defended the European decision so far to exempt Russian energy from sanctions.

바카라 게임 웹사이트The sanctions have been chosen deliberately so that they impact the Russian economy and the Putin regime seriously, but they also have been chosen deliberately so that we as an economy and a nation can keep them up for a long time,바카라 게임 웹사이트 Habeck told reporters. 바카라 게임 웹사이트Ill-considered behavior could lead to exactly the opposite.바카라 게임 웹사이트

바카라 게임 웹사이트We have maneuvered ourselves into an ever-greater dependency on fossil energy imports from Russia in the last 20 years,바카라 게임 웹사이트 Habeck said. 바카라 게임 웹사이트That is not a good state of affairs."

Russian Deputy Prime Minister Alexander Novak underlined that urgency, saying Russia would have 바카라 게임 웹사이트every right바카라 게임 웹사이트 to halt natural gas shipments to Europe through the Nord Stream 1 pipeline in retaliation for Germany halting the parallel Nord Stream 2 pipeline, which was not yet operating. He added that 바카라 게임 웹사이트we have not taken this decision바카라 게임 웹사이트 and that 바카라 게임 웹사이트no one would benefit from this.바카라 게임 웹사이트 It was a change from earlier Russian assurances that they had no intention of cutting off gas to Europe.

Oil is easier to replace than natural gas. Other countries could increase production of oil and ship it to Europe. But much oil would have to be replaced, and this would drive up prices even more because the oil would likely have to travel farther.

Replacing the natural gas that Russia provides to Europe is likely impossible in the short term. Most of the natural gas Russia provides to Europe travels through pipelines. To replace it, Europe would mostly import liquefied natural gas, known as LNG. The continent doesn't have enough pipelines to distribute gas from coastal import facilities to farther reaches of the continent.

In January, two-thirds of American LNG exports went to Europe. Some ships filled with LNG had been heading to Asia but turned around to go to Europe because buyers there offered to pay higher prices, according to S&P Global Platts.

While U.S. oil and gas producers could drill for more natural gas, its export facilities are already operating at capacity. Expanding those facilities would take years and billions of dollars.
___

AP writer Geir Moulson contributed from Berlin and AP writer Aamer Madhani contributed from Washington.