President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
The move follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
Biden is set to announce the move in an address from the White House at 10:45 a.m. ET, according to CNN. The move comes as the price of gasoline soars throughout the U.S. On Monday, GasBuddy reported that the national average cost for a gallon of gas had risen to $4.104, breaking the all-time record set in 2008.
It also comes as one of the world's top producers of gasoline, Shell, said on Tuesday that it would no longer buy Russian oil and natural gas and shut down the filling stations it operates in the country.