US President Joe Biden has announced a ban on Russian oil, natural gas and coal imports to the US, a decision expected to further push crude prices up.

 

Biden said the ban will have a price in the country, but lawmakers are united in taking action.

 

"There will be cost as well here in the United States. I said I would level with the American people from the beginning, and when I first spoke to this, I said defending freedom is going to cost, it's going to cost us as well in the United States. Republicans and Democrats understand that alike. Republicans and Democrats alike are clear we must do this," the President said from the White House.

 

CNN said Biden also said the US has provided more than $1 billion in security assistance to Ukraine. "Shipments of defensive weapons are arriving in Ukraine every day from the United States, and we in the United States are the ones coordinating delivery of our allies and partners of similar weapons — from Germany to Finland to the Netherlands. We're working that out. We're also providing humanitarian support for the Ukrainian people," he said.  

 

Oil prices jumped with Benchmark Brent crude for May climbing by 5.4% to $129.91 a barrel.

 

Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia's energy-heavy economy and President Vladimir Putin. However, the United States moved ahead without the participation of allies in Europe at the moment.

 

The US imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of US liquid fuel imports, according to the Energy Information Administration, and any ban is likely spike gasoline prices and inflation even further.