LIVE NOW: Biden bans Russia oil imports, toughening toll on Russian economy in retaliation for invasion of Ukraine.
WASHINGTON -- President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, but he acknowledged it will bring costs to Americans, particularly at the gas pump.
The issue of oil sanctions has created a conflict for the president between political interests at home and efforts to impose costs on Russia. Though Russian oil makes up only a small part of U.S. imports, Biden has said he was reluctant to ban it, cutting into supplies here and pushing gasoline prices higher.
Biden said it was understandable that prices were rising, but cautioned the U.S. energy industry against"excessive price increases" and exploiting consumers.