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.
Rebecca Kaplan contributed reporting.
