US president Joe Biden is set to announce a ban on imports of Russian oil into the country, according to a White House official, as Washington seeks to ramp up economic sanctions on Moscow over its invasion of Ukraine.
The move follows days of debate within the Biden administration and between the US and western allies about the merits of banning Russian oil to punish Vladimir Putin for the attack on Ukraine, as well as the danger it could trigger a new shock to global energy markets.
It is likely to raise the pressure on European powers to follow suit, but Germany has thus far led resistance to any prohibition on buying Russian crude on the continent.
The White House said Biden would make a statement at 10.45am EST on Tuesday on “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”. According to US officials familiar with the move, it would involve other forms of energy imports beyond oil, including coal and liquefied natural gas.
Biden had been facing heavy pressure from members of Congress, both Republicans and Democrats, to plough ahead with an import ban on Russian oil, but had resisted in a bid to keep energy flowing around the world and prevent petrol prices from rising sharply at home.
On Monday, Olaf Scholz, German chancellor, rejected the idea of a European ban on Russian oil imports, saying he preferred to apply “sustainable” pressure on Moscow that would not impose too big a cost on Germans as energy consumers.
“The German government has been working hard for months with its partners within the EU and beyond to develop alternatives to Russian energy. However, this cannot be done overnight,” Scholz said.
Brent crude oil rose about 5 per cent on Tuesday to $129 a barrel as traders reacted to signs the US was preparing to announce a ban on imports of Russian crude oil. West Texas Intermediate, the US benchmark, rose by a similar margin to $124.
Oil prices have surged in recent days as many big oil consumers have boycotted Russian oil even before the announcement of any official crude embargoes. Brent and WTI both ended 2021 below $80 a barrel.
This story is developing . . .
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