The Biden Administration will announce a ban on the importation of oil from Russia Tuesday, sources familiar with the matter told US media outlets.
The White House announced that President Joe Biden would deliver remarks Tuesday on "actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine."
One source, who spoke to USA Today on condition of anonymity, said that the ban would apply to Russian oil, liquefied natural gas and coal,
The move has reportedly been coordinated with America's allies in Europe.
Last year, the US imported about 700,000 barrels of oil from Russia a day, accounting for 8% of US oil consumption. European Union imports of Russian oil accounted for 25% of European oil consumption, and Russia provides 40% of Europe's natural gas.
Oil prices rose to $140 a barrel Monday ahead of the expected announcement of the ban.
The ban comes as America and Europe continue to ratchet up sanctions against Russia in response to its invasion of Ukraine.
Last month, President Biden announced a series of sweeping sanctions targeting Russia, enacting penalties across industries, including asset freezes for the largest banks, debt and equity restrictions on critical mining, transportation and logistics firms and a large-scale effort to shut down access to critical technology for key Russian military and industrial sectors.
In addition, world leaders have decided to cut off Russian financial institutions from using the SWIFT money transfer system as part of ongoing sanctions against Russian aggression in Ukraine.