UPDATE - US bans oil, gas, energy imports from Russia amid war in Ukraine: Biden

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By Ovunc Kutlu

ANKARA (AA) - President Joe Biden announced Tuesday that the US has banned all oil, natural gas and energy imports from Russia amid war in Ukraine.

Biden described the move as “targeting the main artery of the Russian economy."

Although Biden said his move comes with bipartisan support in the Congress, he said "Many of our European allies and partners may not be in a position to join us."

He said the US produces far more oil domestically than all European countries combined and the US is a net exporter of energy.

"So, we can take this step when others cannot. But, we are working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well," he said.

Biden admitted that the move will cause pain for American consumers.

US gasoline prices climbed to their highest in almost 14 years Tuesday. The national average stood at $4.173 a gallon for regular gasoline, its highest since July 2008.

"Putin's war is already hurting American families at the gas pump,” he said. “I am going to do everything I can to minimize Putin's price hike here at home.”

Biden reiterated his commitment to release 60 million barrels of oil from the joint reserve with partners, half of which comes from the US.

He noted that the US has provided more than $1 billion in assistance to Ukraine.

"We are enforcing the most significant package of economic sanctions in history, and it is causing significant damage to Russia's economy," he said.

Biden noted that the Russian ruble is down around 50% since Russian President Vladimir Putin announced its war on Ukraine.

"One ruble is now less than one American penny," he said.

Biden said his administration has cut some of Russia's largest banks from the global financial system and limited their ability to do international business.

He added that the US has taken action against some Russian oligarchs.