Biden signs executive order banning imports of Russian oil

U.S. President Joe Biden has signed an executive order banning imports of Russian oil, liquefied natural gas and coal to the U.S., the White House said on Tuesday.

The executive order will also prohibit Americans from financing or enabling foreign companies that are making investments to produce energy in Russia, the White House said, adding it also bans new U.S. investment in Russia's energy sector.

The imposition of an energy embargo was taken in response to Russia's military operations in Ukraine.

"This means Russian oil will no longer be acceptable to U.S. ports," the president said in remarks he delivered from the White House. He claimed the move will deal a "powerful blow" to Russia's ability to sustain funding for its military operations, while also admitting that it will backfire on Americans at home by causing continued price hikes at gas stations.

The gas price at the pump, Biden said, "went up 75 cents" after Russia launched the military operations. "With this action, it's going to go up further," he added.

Russian President Vladimir Putin recently said at a meeting with women flight crews of Russian airlines that the wave of Western sanctions is akin to a "declaration of war."

(CGTN)