President Joe Biden is expected to announce a ban on imports of Russian oil into the US, sources informed NBC News.
It comes as the US government seeks to step up economic sanctions on the country over its invasion of Ukraine nearly two weeks ago. The move is likely to further increase energy prices.
President Joe Biden is set to deliver the address from the White House this morning to "announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine," the White House said.
As reported by ABC News, US lawmakers announced yesterday that they had reached a deal on bipartisan legislation that would penalize Russia for its invasion of Ukraine, by banning the import of Russian oil and other energy products - in addition to suspending the US' usual trade relations with Russia.
Earlier, Shell stated it would stop purchasing Russian crude oil effective immediately and would pull out of its involvement in all Russian hydrocarbons, including oil, natural gas, and petroleum products, "in a phased manner."
Ukrainian officials have urged the US to carry out stricter sanctions on Russia, including its energy products. On Monday, Dmytro Kuleba, Ukraine's foreign minister, penned in a Washington Post op-ed that among other measures, "countries must stop buying Russian oil, which is now tainted with Ukrainian blood."
The government had been hesitant to sanction Russian oil due to already high gas prices.
White House press secretary Jen Psaki revealed to reporters on Monday that internal discussions had taken place regarding the issue but a decision had not been made, adding that the US was speaking with European officials.
"I would note that what the president is most focused on is ensuring we are continuing to take steps to deliver punishing economic consequences on Putin while taking all action necessary to limit the impact to prices at the gas pump," she said.
According to the International Energy Agency, Russia, which is the world's largest oil exporter, exported almost 8mn barrels a day of crude and petroleum products at the end of last year.
Watch Biden's remarks live:Biden has said at his White House address: "We're banning all imports of Russian gas, oil, and energy. Russian oil will no longer be accepted at US ports. We will not be part of subsidizing Putin's war."
"We're going to continue to support the brave Ukrainian people as they fight for their country," he assured the American public.
The president said the move came after "close consultation with our allies, especially in Europe".
He continued: "We can take this step when others cannot, but we are working closely with Europe and our partners to develop a long-term strategy to reduce their dependency on Russian energy as well."
Biden went on to say: "This is a step that we're taking to inflict further pain on Putin, but there will be further cost as well here in the United States. I said I would level with the American people from the beginning.
"When I first spoke of this in the beginning, I said defending freedom is going to cost us as well in the United States. Republicans and Democrats alike understand that. Republicans and Democrats alike have been clear that we must do this."
Biden also warned that while it is understandable that prices will rise, the US energy industry should refrain from exploiting consumers with "excessive price increases".
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