U.S. and U.K. Shapes View Towards Putting Embargo on Import of Russian Oil

The U.S. and the U.K. would impose a ban on imports of Russian energy on Tuesday without the participating of European allies, according to Bloomberg citing people familiar with the matter.

According to Bloomberg the U.S. ban will include Russian oil, liquefied natural gas and coal. The report noted the decision was made in consultation with European allies.

The U.K. part of the ban would follow steps of the U.S. and would be phased in over the coming months. However, it is to be noted the policy has not been announced yet. The ban won’t apply to Russian gas.

The White House announced Tuesday that President Joe Biden “will announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine,” though didn’t specify the measures.

He’s due to speak at 10:45 a.m. in Washington.

Crude oil futures extended gains on the news, rising 4% to $124.21 at 8:19 a.m. in New York. The prospect of an oil import ban is helping drive crude to its highest levels since 2008.