Biden: US Hits 'Main Artery of Russia's Economy' With Oil Import Ban

President Joe Biden announced Tuesday that the U.S. is “targeting the main artery of Russia’s economy” by banning imports of Russian oil, the latest sanction intended to punish Moscow for its invasion of Ukraine.

“We will not be part of subsidizing Putin’s war,” he said in the Roosevelt Room at the White House.

Biden’s announcement came amid rising pressure from Democrats and Republicans, and it reflects a willingness to accept the political risk of rising gas prices to economically retaliate against Russia.

“Defending freedom is going to cost,” Biden said. “It’s going to cost us as well in the United States.”

Although Biden has tried to work in concert with European allies, he acknowledged that many are not announcing a similar ban because they’re more reliant on Moscow for oil and gas.

“So we can take this step when others can not,” he said. “But we’re working closely with Europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well.”

The ban follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.

Biden had explained his reluctance to impose energy sanctions at the outset of the conflict two weeks ago saying that he was trying "to limit the pain the American people are feeling at the gas pump."

Before the invasion, Russian oil and gas made up more than a third of government revenues. Global energy prices have surged after the invasion and have continued to rise despite coordinated releases of strategic reserves, making Russian exports even more lucrative.

The U.S. and international partners have sanctioned Russia's largest banks, its central bank and finance ministry, and moved to block certain financial institutions from the SWIFT messaging system for international payments.

But the rules issued by the Treasury Department allow Russian energy transactions to keep going through non-sanctioned banks that are not based in the U.S. in an effort to minimize any disruptions to the global energy markets.

Inflation, at a 40-year peak and fueled in large part by gas prices, has hurt Biden politically with voters heading into the November elections.

This report is compiled from Reuters and The Associated Press.