Biden Bans Russian Oil, Predicts Higher Gas Prices

Update: This summary has been updated with confirmation of the ban. The idea had been percolating for days, and it became reality on Tuesday: "We're banning all imports of Russian oil and gas and energy," President Biden said Tuesday at the White House, per CNN. "Russian oil will no longer be acceptable at US ports, and the American people will deal another powerful blow to Putin’s war machine," he said. Bloomberg had reported the news before the official announcement, and the Wall Street Journal and the AP were among the early ones to confirm. Coverage:

• The ban: The ban affects Russian oil, natural gas, and coal, per Bloomberg. Russia accounts for about 10% of US energy imports, notes the Hill. Allies in Europe, which are far more dependent on Russian oil than the US, have so far ruled out taking this step, notes Axios. The move is "one of America’s most far-reaching actions to penalize Moscow" since the invasion of Ukraine started, per the Washington Post.

• Congress: The White House had been under pressure to act because Congress is already considering legislation, reports Politico. “I’d love for President Biden to do it on his own," said Democratic Sen. Joe Manchin, who has put forward a bipartisan proposal with GOP Sen. Lisa Murkowski. “It needs to happen.” House Speaker Nancy Pelosi also has voiced support for such a ban, and the White House risked being seen as lenient toward Vladimir Putin if it didn't move first.
• Political risks: All of this carries risks for Democrats and Biden, according to the Hill. A ban is expected to contribute to record-high gas prices going even higher, and it could give Republicans a boost in efforts to open up protected areas for drilling.
• US wallets: Biden acknowledged the hit to American wallets. "The decision today is not without cost here at home," he said. "Putin’s war is already hurting American families at the gas pump," said Biden, adding that "with this action (the price of gas) is going to go up further." But "I’m going to do everything I can to minimize Putin’s price hike here at home." The US has been reaching out to Venezuela as a potential source of extra oil. Other options include Saudi Arabia and even Iran, per Bloomberg.
• On the conflict: In regard to the invasion, Biden declared: "Ukraine will never be a victory for Putin. Putin may be able to take a city, but he'll never be able to hold the country."

(More Russia-Ukraine war stories.)