US President Joe Biden is expected to today ban Russian oil, natural gas and coal imports to the US, according to three sources familiar with the decision.
The US will make the move unilaterally, without its European allies, due to disagreement among European nations about whether to ban Russian energy. EU countries have significantly more exposure to Russian energy than the US.
US officials decided, given the extreme political pressure at home, they could move without the coalition and not create major issues.
Biden is expected to address the news at 10:45 a.m. ET.
US imports from Russia make up a small slice of the energy universe — roughly 8% in 2021, of which only about 3% was crude oil. White House economic officials have been engaged for more than a week in how to manage any decision to cut off those imports, according to officials.
Biden administration officials travelled to Venezuela over the weekend for talks on potentially allowing the country to sell its oil on the international market, helping to replace Russian fuel.
Biden may travel to Saudi Arabia as the US works to convince the kingdom to increase its production. And a looming nuclear deal could bring significant volumes of Iranian oil back to the market.
