War in Ukraine: US poised to ban Russian oil imports

Image source, PA Media

US President Joe Biden is poised to announce a ban on Russian oil to punish the country for invading Ukraine.

Despite mounting fears of rising gas prices, the move has widespread bipartisan political support in the US.

However the US intends to make the move unilaterally, without its European allies, who are much more dependent on Russian gas and oil for energy needs.

Russia earlier warned it may close its main gas pipeline to Germany if the West bans Russian oil.

The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.

In comparison, 8% of US oil and refined product imports come from Russia.

As the world's third largest exporter of oil, Moscow is aware any move to impose sanctions would badly damage its own economy.

But such action could also send prices soaring. Investor fears of an embargo drove Brent crude oil to $139 (£106) a barrel at one point on Monday - its highest level for almost 14 years.

US Secretary of State Antony Blinken has previously said any discussions on a ban would have to consider how to maintain "a steady global supply".

However, the way was paved for the US ban on Monday, when senior Republicans and Democrats in Congress announced a bipartisan agreement to suspend normal trade relations with Russia and Belarus.

"Taking these actions will send a clear message to Putin that his war in unacceptable and the United States stands firmly with our Nato allies," they said. "We are committed to using the tools at our disposal to stop Russia's unconscionable and unjust war."

US President Joe Biden is expected to make the announcement at 10:45 local time (15:45 GMT), US media reports. The White House has not confirmed the ban on oil, but said the president would be announcing further actions against Russia.