Washington — President Biden is set to announce a U.S. ban on Russian oil imports over the country's invasion of Ukraine, two sources familiar with the matter tell CBS News, taking aim at Russian President Vladimir Putin's main revenue source as Russian forces continue battering Ukrainian cities.

The ban also applies to Russian natural gas and coal, sources said. The move comes as gas prices have spiked to all-time highs in the wake of the Russian invasion, despite U.S. efforts to release oil reserves and ramp up supply.

The White House said the president will speaking at 10:45 a.m. to "announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine."

In December, Russian oil accounted for less than 5% of total U.S. oil imports, according to the Department of Energy, making the U.S. far less dependent on Russian energy than its European counterparts. Nonetheless, analysts have predicted that banning Russian imports could cause the price of oil to climb to new all-time highs.

Ukrainian leaders have pleaded with Washington and the West to cut off Russian energy imports in the 13 days since Russian troops began attacking Ukraine. Lawmakers from both parties have likewise ramped up pressure on the administration to block Russian oil in recent days, preparing legislation to impose the ban if the Biden administration didn't act.

House Speaker Nancy Pelosi told Democratic colleagues Tuesday morning that the House will move forward with a vote on a bill that would ban Russian oil imports regardless of Mr. Biden's announcement, a Democratic aide said. The speaker said the White House told her it would announce the ban for days as lawmakers were hashing out legislation, the aide added.

The administration was initially hesitant to take action against Russian energy imports, fearing spikes in energy prices. But top officials have signaled a willingness to impose the ban, with White House press secretary Jen Psaki saying Monday that "discussions are ongoing internally and also with our counterparts and partners in Europe and around the world."

The U.S. and its allies have imposed punishing sanctions against Russia since the invasion, taking aim at the country's financial system and Russian elites, including Putin himself.

The United Kingdom is expected to announce Tuesday that it will join the U.S. in banning Russian energy imports. A French official said the European Union, which relies more heavily on Russian gas, is not expected to join the U.S. and the U.K.


Seun, lalasticlala, mynd44

Any measure that will eventually lead to the end of this senseless Russia war is welcome by me even if it means that heavy sanctions that will quickly cripple the Russian economy is acceptable, even the ones that will make the Russia citizens to look for a way to eliminate their president will be appreciated.

Russia's super power posture has been deflected by the ego of one man.....ladies and gentlemen it's about time the internal crisis the will consume Putin begin.

UAE123:
Any measure that will eventually lead to the end of this senseless Russia war is welcome by me even if it means that heavy sanctions that will quickly cripple the Russian economy is acceptable, even the ones that will make the Russia citizens to look for a way to eliminate their president will be appreciated.

yeah, let's hope that Russians will do the needful, they need to confront Putin to end this bloodshed

Most likely a partial ban.
The US shot itself in the foot by listening to energy activists and fighting shale and fossil fuel companies.

Karemarealty288:
Russia's super power posture has been deflected by the ego of one man.....ladies and gentlemen it's about time the internal crisis the will consume Putin begin.

Putin needs to understand that the world has changed, sometimes finnese and diplomacy is better than aggression