President Joe Biden said the move targets "the main artery of Russia's economy."
President Joe Biden announces a ban on Russian oil imports on Tuesday in the Roosevelt Room at the White House. (AP Photo/Andrew Harnik)
Biden said the decision was made to "inflict further pain on Putin" but warned that there "will be cost as well here in the United States." He said he would level with the American people that "defending freedom is going to cost, it's going to cost us as well, in the United States."
The U.K. will phase out its import of Russian oil and oil products by the end of 2022 and is "exploring options" to end the use of Russian natural gas, Kwasi Kwarteng, U.K. secretary of state for business, energy and industrial strategy, said Tuesday. The phased-out exit from oil imports is intended to give the country time to find replacements for the Russian products, which make up about 8% of U.K. demand, he said.
"The market has already begun to ostracise Russian oil, with nearly 70% of it currently unable to find a buyer," Kwarteng said.
The executive order from Biden bans the import of Russian crude oil, certain petroleum products, liquefied natural gas and coal. It also bars U.S. investment in Russia's energy sector and prohibits Americans from financing foreign companies that are making investments to produce energy in Russia.
The Biden administration had already imposed significant sanctions on business with Russia, including with the country's largest banks, and ordered direct sanctions on Russian President Vladimir Putin and other top government officials. The sanctions had so far avoided the energy sector, although major energy companies have exited Russian energy deals in response to the invasion.
Biden's decision to ban oil imports comes after growing calls from lawmakers in both major parties to take the action to further punish Russia for its invasion of Ukraine. A bipartisan group of senators last week introduced legislation that would ban the importation of Russian crude oil, petroleum products, liquefied natural gas and coal, and House lawmakers introduced companion legislation this week. Top congressional leaders, including House Speaker Nancy Pelosi, D-Calif., had said they supported the move.
"This action sends a clear signal that Americans will not fund Putin's unprovoked and illegal invasion of Ukraine," Senate Majority Leader Chuck Schumer, D-N.Y., said in a statement.
Pelosi sent a letter to House members after the announcement saying Biden's decision "demonstrated America's strength and determination to hold Putin accountable for his premeditated, unprovoked war against Ukraine."
She also announced that the House would vote Tuesday on legislation related to the administration's decision. The bill receiving a swift vote would have three main aspects, she said: ban import of Russian oil and energy products; take steps to review Russia's access to the World Trade Organization; and "reauthorize and strengthen" the Global Magnitsky Human Rights Accountability Act so the U.S. can impose further sanctions on Russia.
The House did not ultimately schedule a vote on the legislation on Tuesday. A leadership aide told Law360 it was expected to be placed under a rule to be expedited to the House floor Wednesday.
--Editing by Brian Baresch.
Update: This story has been updated with information about the ban and reactions from Congress.
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