The US will stop importing oil from Russia, US President Joe Biden has said as the West escalates sanctions against Moscow over the Ukraine invasion.

Russia's key energy exports are facing US sanctions with US President Joe Biden announcing that the US would no longer import Russian oil.

"We will not be part of subsidizing Putin's war," Biden said. He also addressed oil companies and their partners, saying that "Russia's aggression is costing us all and it's no time for profiteering or price gauging."

Previously, the White House said Biden would announce measures to "continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine."

The EU has so far refused to sanction energy imports from Russia, with German Chancellor Olaf Scholz on Monday saying they were "essential" to daily life in Europe. Just ahead of Biden's announcement, the UK said they would phase out Russian oil imports by the end of 2022.

But the US is far less dependent on Russian energy, and oil and petroleum products from Russia account for less that 10% of US imports in that sector. However, the ban comes as US gasoline prices are hitting record highs, as is the case in much of Europe, with crude oil more expensive now than at any time since 2008.

The US move is likely to drive the prices even higher.

Sources: https://www.dw.com/en/joe-biden-bans-us-imports-of-russian-oil-after-ukraines-pleas/a-61056342