Biden set to announce U.S. ban on Russian oil imports

President Joe Biden

U.S. President Joe Biden was expected to announce a ban on Russian oil and other energy imports on Tuesday.

The ban would be a retaliatory move for the invasion of Ukraine.

The White House said Biden was scheduled to announce actions at 10:45 a.m. on Tuesday against Russia over Ukraine.

The White House did not specifically mention oil imports though.

Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia’s energy-heavy economy and President Vladimir Putin.

The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration.

Any ban is likely spike gasoline prices and inflation even further. The United States also imports a negligible amount of coal from Russia.

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