US president Joe Biden is set to announce a ban on imports of Russian oil into the country, according to a White House official, as Washington seeks to ramp up economic sanctions on Moscow over its invasion of Ukraine.
The move follows days of debate within the Biden administration and between the US and western allies about the merits of banning Russian oil to punish Vladimir Putin for the attack on Ukraine, as well as the danger it could trigger a new shock to global energy markets.
The White House said Biden would make a statement at 10.45am on Tuesday on “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”. According to US officials familiar with the move, it would involve other forms of energy imports beyond oil, including coal and liquefied natural gas.
Biden had been facing heavy pressure from members of Congress, both Republicans and Democrats, to plough ahead with an import ban on Russian oil, but had resisted in a bid to keep energy flowing around the world and prevent petrol prices from rising sharply at home.
Brent crude oil rose about 5 per cent on Tuesday to $129 a barrel as traders reacted to signs the US was preparing to announce a ban on imports of Russian crude oil. West Texas Intermediate, the US benchmark, rose by a similar margin to $124.
Oil prices have surged in recent days as many big oil consumers have boycotted Russian oil even before the announcement of any official crude embargoes. Brent and WTI both ended 2021 below $80 a barrel.
This story is developing . . .
