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: Biden bans Russian oil imports over Ukraine invasion as he warns gasoline prices will rise further

President Joe Biden has decided to ban Russian oil imports, reports said Tuesday, as he seeks to ratchet up pressure on Moscow in retaliation for its invasion of Ukraine.

Ukrainian President Volodmyr Zelensky has pleaded with to U.S. and Western officials to cut off the imports, as the Associated Press reported. Oil had been a glaring omission the massive sanctions put in place on Russia over the invasion.

Bloomberg reported that the ban will include Russian oil, liquefied natural gas and coal. The decision was made in consultation with European allies, who rely more heavily than the U.S. on Russian energy, Bloomberg reported.

Biden at 10:45 a.m. will announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine,” the White House said in a statement Tuesday morning.

The U.S. imported over half a million barrels per day of Russian crude and petroleum products last year, amounting to about 7% of total U.S. imports, according to Matt Smith, lead oil analyst for the Americas at data firm Kpler.

“A ban on Russian crude and product imports would have a limited impact on prices, given flows of Russian energy to the U.S. are small in terms of total deliveries, and alternative sources could be found,” Smith recently told MarketWatch.

Oil futures
CL00,
+3.97%

CL.1,
+3.97%

rose Tuesday, building on the highest finish for the U.S. benchmark since 2008.

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