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#: Biden to ban imports of Russian oil over Ukraine invasion, reports say

“: Biden to ban imports of Russian oil over Ukraine invasion, reports say”

President to speak at 10:45 a.m. Eastern on ‘actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine’

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 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.

Read: As U.S. lawmakers push to ban Russian oil, analyst sees ‘limited impact’ on prices for Americans

“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,
+4.77%

CL.1,
+4.77%
rose Tuesday, building on the highest finish for the U.S. benchmark since 2008.

Now see: Futures Movers.

U.S. lawmakers have also been pushing for a ban on Russian energy imports. As MarketWatch reported, Washington’s efforts to punish Russia for its invasion of Ukraine ramped up Monday, as a bipartisan group of lawmakers announced an agreement on a “legislative path forward to ban the import of energy products from Russia and to suspend normal trade relations with both Russia and Belarus.”

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