Oil Facts: The United States has imposed a ban on Russian oil imports.

 The United States has imposed a ban on Russian oil imports. President Joe Biden of the United States will make an official announcement soon. In addition to oil, the US government is going to impose a ban on imports of liquefied natural gas or LNG and coal from Russia.

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The United States is said to be taking such a step alone as European countries have not agreed to stop importing fuel from Russia. The United States has been pushing for more economic pressure on Russia over the Ukraine issue. As part of this, US President Joe Biden is going to announce a ban on oil imports from Russia.

 

According to NBC News, the two sources confirmed the information to them. The announcement was made Tuesday morning, local time in Washington, according to the report. "President Joe Biden will take action against Russia for starting the war in Ukraine without provocation on Tuesday morning," the White House said in a statement.

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International oil prices, meanwhile, have risen sharply in the wake of US government sanctions. Crude West Texas Intermediate (WTI) rose 4.6 percent to 124.90 a barrel. Similarly, Brent crude rose 5 percent to 129.42 USD per barrel.

 

Russia has warned that fuel prices will rise further. Alexander Novak, the country's deputy prime minister, said a ban on oil imports from Russia could raise the price of the commodity in the international market to 300 USD per barrel. He made the remarks in a statement broadcast on Russian state television.

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