US targets Russian economy as President Joe Biden announced ban on import of oil from Russia over the country's conflict with Ukraine.

"We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin," Biden said in an address from the White House, adding that the decision was taken "in close consultation" with allies.

The announcement came as Western-allied nations work to cut off Russia from the global economy to punish President Vladimir Putin over the military action in Ukraine.

Biden talked with the leaders of France, Germany and the United Kingdom on Monday to build support for a ban on Russian energy imports.

Britain also said on Tuesday that it will phase out imports of Russian oil and oil products by the end of 2022.

“In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions,” Prime Minister Boris Johnson said in a statement.

“We are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected,” he added.

“Yeah, Biden is taking BIG steps to punish the Russians. The US ruling elite is so ridiculous it defies description. Russian oil imports amount to a virtually insignificant portion of US energy, so the vow is essentially meaningless from the start. On purpose. And stocks still rise, because the rest of the ruling class is equally out of touch with reality,” said Danel Patrick Welch, an American political analyst.

“Meanwhile, everything else is moving in the other direction. Europe wants nothing to do with the Americans' insane and dangerous posturing. Militarily, it is a non-starter--it always was. Banning Russian dressing and Russian culture is more Americans' speed anyway. Stick to that, and the adults will work things out. Ukraine will pledge to be neutral, The EU will not have them, the new republics will split, and NATO will have learned a valuable lesson. Okay, that last one is fantasy--NATO never learns anything--but I'll stand by the rest of it,” he commented to Press TV.

Washington and Europe were quick to start piling new sanctions on Moscow over the military action in Ukraine that started last month. The bans have pushed oil prices to their highest levels in years.

Benchmark US crude was up 5.4 percent to about $130 a barrel on Tuesday.
Gasoline prices in the United States are pushing even farther above $4.17 a gallon, the highest level since 2008. Prices were on the rise before Russia announced the Ukraine operation and have spiraled faster since the start of the war on February 24.

Biden said sanctions imposed by the United States and its allies had already caused the Russian economy to "crater."

US Senator Chris Coons said the Biden administration was coordinating with European allies "and making sure that we've done the groundwork to understand how to effectively implement a ban on Russian energy."

"We are going to see increased gas prices here in the United States. In Europe, they will see dramatic increases in prices. That's the cost of standing up for freedom and standing alongside the Ukrainian people, but it's going to cost us," Coons told CNN.

Europe is heavily dependent on Russia to meet its growing energy needs and may prove more reluctant to go along with an outright ban, but some European nations have expressed a willingness to reduce their reliance on Russian imports.

Germany, the biggest buyer of Russian crude oil, has ruled out banning energy imports at least for now. Germany is attempting to expand its use of alternative energy sources but cannot halt imports of Russian energy overnight, Chancellor Olaf Scholz said on Monday.

On Saturday, Ukrainian President Volodymyr Zelensky asked the US to establish "no-fly zones" to protect Ukraine from Russian airstrikes and stop buying Russian oil and gas. But Russian President Vladimir Putin warned that it would lead to catastrophic consequences.

Putin also said that Western sanctions on Russia were akin to a declaration of war.

Putin said his country is defending Russian-speaking communities through the "demilitarisation and de-Nazification" of Ukraine so that their neighbor became neutral and no longer threatened Russia.

Last month, Putin ordered a “special military operation” in Ukraine’s Donbas region to “defend people” subjected to "genocide" there against government forces, stressing that Moscow has “no plans to occupy Ukrainian territory.”

Biden called the Russian action an "unprovoked and unjustified attack," and the American media described it as the biggest assault on a European state since World War Two assault by Russia.

Biden said Tuesday that Russia would be unable to ever control all of Ukraine, vowing the war would "never be a victory" for Putin.

"Russia may continue to grind out its advance at a horrible price but this much is already clear -- Ukraine will never be a victory for Putin," Biden said. "Putin may be able to take a city, but he'll never be able to hold the country."