U.S. President Joe Biden announced a ban on Russian oil and other energy imports. The latest sanctions are likely to push up oil prices - resulting in even higher prices at the pump.
Brent crude was up $1.68, or 1.3%, at $129.66 a barrel at 0905 GMT. US West Texas Intermediate (WTI) was up $1.60, or 1.3%, to $125.30.
Biden said that he "can’t do much" about gas prices that are surging past all-time highs after he signed an executive order to ban Russian oil imports.
"Do you have a message for the American people on gas prices?" a reporter asked Biden. "They’re going to go up," Biden said. A reporter followed up, "What can you do about it?" "Can’t do much right now… Russia is responsible," said the president, despite Republicans urging him to allow more domestic drilling and pipeline projects.
Russia is already preparing a response to the unfriendly move by the United States. Russian President Vladimir Putin ordered to restrict or prohibit import and export of certain products and raw materials from Russia in 2022 from with product lists to be defined by the government, according to the decree on special foreign economic measures aimed to ensure Russia’s security.
"Ensure implementation of the following special economic measures until December 31, 2022: export and import ban of products and/or raw materials in accordance with lists to be defined by the government of the Russian Federation," the document says, adding that a separate list will define goods, whose export and import will be restricted.
The government will have to define the list of states to be covered by these decisions within two weeks. These restrictions will not cover products or raw materials being transported by citizens for their personal needs. Furthermore, the cabinet will be allowed to set particularities of implementation of these measures in regards to certain products or certain people or companies.
