Biden announces a ban on Russian oil imports due to the Ukrainian invasion – Watch live

Washington – President Biden is scheduled to announce a US embargo on Russian oil imports over the country Invasion of UkraineTwo sources familiar with the matter told CBS News, targeting Russian President Vladimir Putin’s main source of income as Russian forces continue to bomb Ukrainian cities.

Sources said the ban also applies to natural gas and Russian coal. come this step Gas prices have risen to an all-time high In the aftermath of the Russian invasion, despite American efforts to release oil reserves and increase supply.

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

In December, Russian oil accounted for less than 5% of total US oil imports, according to Energy DepartmentThis makes the United States less dependent on Russian energy than its European counterparts. However, analysts have expect The ban on Russian imports could cause oil prices to rise to new record levels.

Ukrainian leaders have appealed to Washington and the West to cut off Russian energy imports in the 13 days since Russian forces began attacking Ukraine. Likewise, lawmakers from both parties have stepped up pressure on the administration to block Russian oil in recent days, preparing legislation to enforce the ban if the Biden administration does not act.

House Speaker Nancy Pelosi told her Democratic colleagues Tuesday morning that the House will go ahead with a vote on a bill that would ban Russian oil imports regardless of Biden’s announcement, a Democratic aide said. He added that the spokesman said the White House had told her it would announce the ban for several days as lawmakers review legislation.

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The administration was initially reluctant to take action against Russian energy imports, fearing higher energy prices. But senior officials have signaled their willingness to enforce the ban, with White House Press Secretary Jen Psaki saying on Monday that “discussions are ongoing both internally and also with our counterparts and partners in Europe and around the world.”

The United States and its allies have imposed punitive sanctions on Russia since the invasion, targeting the country’s financial system and Russian elitesincluding Putin himself.

The United Kingdom is expected to announce Tuesday that it will join the United States in banning Russian oil. A French official said the European Union, which depends more on Russian energy, is not expected to join the United States and the United Kingdom

Rebecca Kaplan and Camilla Schick contributed to the report.

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