Employees pass beneath pipes leading to oil storage tanks at the central processing plant for oil and gas at the Salym Petroleum Development oil fields near the Bazhenov shale formation in Salym, Russia.
Andrey Rudakov | Bloomberg | Getty Images
The U.S. is expected to announce as early as Tuesday that it will ban imports of Russian oil, a person familiar with the matter told CNBC.
The White House and the Department of Energy did not immediately respond to requests for comment. But the White House on Tuesday morning updated President Joe Biden’s schedule for the day to include an announcement of new U.S. actions intended to “hold Russia accountable for its unprovoked and unjustified war on Ukraine.”
Biden will deliver those remarks from the White House at 10:45 a.m. ET, the updated schedule said.
The U.S. imports about 672,000 barrels a day in 2021, according to figures from the Energy Information Administration. That amount comprises roughly 8% of the total U.S. import of oil and refined products.
Most of the country’s crude oil and petroleum imports come from Canada, Mexico and Saudi Arabia, making the U.S. far less dependent on Russian oil than many of its European partners.
Oil prices on Tuesday morning soared to session highs. WTI crude oil rose about 4% to near $124 a barrel, while Brent crude oil, the international benchmark, jumped 4% to above $128 a barrel.
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