U.S. President Joe Biden declared that the U.S. ban on imports was "targeting the main artery of the Russian economy."
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U.S. President Joe Biden announced on Tuesday that the U.S. banned imports of Russian oil "targeting the main artery of the Russian economy," the latest sanctions aimed at punishing Moscow for its invasion of Ukraine.
"We will not be involved in financing Putin's war," he said in the Roosevelt Room of the White House.
Biden's statement came amid mounting pressure from Democrats and Republicans, reflecting his willingness to accept the political risk of rising gas prices in order to retaliate against Russia economically.
U.S. President Joe Biden announced Tuesday that the U.S. is "targeting the arteries of the Russian economy" by banning imports of Russian oil (Adam Schultz/The White House via The Associated Press).
"Defending freedom will come at a price," Biden said.
"It will also cost us in America."
Although Biden has tried to work with European allies, he acknowledged that many did not announce similar bans because they were more dependent on Moscow for oil and gas.
"That's how we can take this step where others can't," he said. "But we are working closely with Europe and our partners on a long-term strategy to reduce their reliance on Russian energy."
The UK also joined the US in announcing an import ban on Russian oil.
The UK also joins the US in announcing an import ban on Russian oil (AP)
Russian Economy Minister Kwasikvaten said that oil and petroleum products will be phased out from Russia by the end of this year.
He said the transition period "will give markets, businesses and supply chains sufficient time to replace Russian imports, which account for 8% of UK demand".
Kwarteng said the UK would work with other oil suppliers, including the US, the Netherlands and Gulf states, to secure additional supplies.
