U.S. President Joe Biden was expected to announce a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, sources familiar with the matter said.
The White House said Biden was scheduled to announce actions at 10:45 a.m. ET on Tuesday against Russia over Ukraine, but did not specifically mention oil imports.
Oil prices jumped on the news, with Benchmark Brent crude for May climbing by 5.4 per cent to $129.91 US a barrel prior to the announcement.
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. Two people familiar with the matter told Reuters on Monday the United States may move ahead with a ban on Russian oil imports without the participation of allies in Europe.
The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about eight per cent of U.S. liquid fuel imports, according to the Energy Information Administration, and any ban is likely to spike gasoline prices and inflation even further. The United States also imports a negligible amount of coal from Russia.