President Biden on Tuesday announced a U.S. ban on Russian oil and gas imports over the country's invasion of Ukraine, taking aim at Russian President Vladimir Putin's main revenue source as Russian forces continue battering Ukrainian cities.
"Today, I am announcing the United States is targeting the main artery of Russia's economy," the president said. "We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be accepted in U.S. ports, and the American people will deal another powerful blow to Putin's war machine."
The ban also applies to Russian coal, sources told CBS News ahead of the announcement. 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. Mr. Biden said the decision was made in close consultation with allies and partners in Europe.
The United Kingdom is expected to announce Tuesday that it will join the U.S. in banning Russian oil. A French official said the European Union, which relies more heavily on Russian energy, is not expected to join the U.S. and the U.K.
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.