WASHINGTON (Reuters) -U.S. President Joe Biden was expected to announce a ban on Russian oil in remarks at 10:45 a.m. (1545 GMT) on Tuesday, sources familiar with the matter said.
The White House said Biden was scheduled to announce more actions on Tuesday morning against Russia over its Feb. 24 invasion of Ukraine, but did not specifically mention oil imports.
Biden has been working with allies in Europe who are far more dependent on Russian oil. Two people familiar with the matter told Reuters on Monday the United States was willing to move ahead with a ban on Russian oil imports without the participation of allies in Europe.
U.S. Senator Chris Coons said the administration was coordinating with European allies “and making sure that we’ve done the groundwork to understand how to effectively implement a ban on Russian energy.”
The White House is also negotiating with U.S. congressional leaders who are working on fast-tracking legislation that would ban Russian imports, a move that is forcing the administration to work on an expedited timeline, a source told Reuters, speaking on condition of anonymity.
“We are going to see increased gas prices here in the United States. In Europe, they will see dramatic increases in prices. That’s the cost of standing up for freedom and standing alongside the Ukrainian people, but it’s going to cost us,” Coons said in an interview with CNN.
United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration (EIA).
(Reporting by Steve Holland, Jeff Mason; Editing by Chizu Nomiyama)
