Solar Firms Jump as U.S. and U.K. Move to Ban Russia Oil Imports

(Bloomberg) -- Solar and other renewable stocks surged, driven higher by rising energy prices as the U.S. and U.K. move to ban oil imports from Russia in response to its attack on Ukraine.

Manufacturer Maxeon Solar Technologies Ltd. rose as much as 23% Tuesday in New York, its biggest intraday increase, while SunPower Corp. was up as much as 22%, the most since January. Sunnova Energy International Inc. jumped as much as 17%.

“It is readily apparent that renewables will get even more attention than before,” said Pavel Molchanov, an analyst at Raymond James. “It took the shock of the current war to finally bring the energy security issue to the forefront. Energy security and energy transition both point in the same direction, mutually reinforcing the shift away from fossil fuels.”

President Joe Biden said Tuesday that the U.S. will ban imports of Russian fossil fuels including oil, a major escalation of Western efforts to hobble Russia’s economy that will further strain global crude markets. The move will be matched in part by the U.K., which announced a phase out of Russian oil imports by the end of the year.

WATCH: President Joe Biden announces a U.S. ban on imports of Russian fossil fuels including oil.Source: Bloomberg

Oil prices climbed above $100 a barrel in the days after Russia started its invasion of Ukraine, an attack that has prompted sanctions. Russia is a key source of oil and natural gas for Europe and other parts of the world.

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