President Biden bans Russian oil imports

As the war against Ukraine continues,President Joe Biden announced on Tuesday that his administration is banning Russian oil imports.

The US president said the decision to ban Russianoilimports was done "in close consultation"with allies.

Russia reportedly accounts for less than ten per cent of US imports of oil and petroleum products, however, the US has already been witnessing surging oil prices in the past few days.

"We're banning all imports of Russianoilandgasand energy. That means Russianoilwill no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin," Biden said in a statement from the White House.

"Russia maycontinue to grindoutitsadvanceat a horrible price but this much is already clear -Ukraine will never be a victory for Putin," Biden said, adding,"Putin may be able to take a city, but he'll never be able to hold the country."

Meanwhile, Brent crude futures touched $130 on Tuesday with oil prices surging nearly 30 per cent in the US amid the Russian invasion of Ukraine. Russia is the world's top exporter of crude and oil products with Biden's announcement expected to drive up crude prices.

Watch:Russia threatens Europe's gas supply

International buyers had earlier begun to shun Russian oil as the US and its allies announced a wave of sanctions due to the high cost of transportation.

On Tuesday, energy giant Shell said it will not be involved in Russian gas and oil and will halt purchase of its crude oil.

"Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance," Shell said.

"As an immediate first step, the company will stop all spot purchases of Russian crude oil," it added while announcing that it was also stopping service stations, aviation fuel and lubricants operations in Russia.

(With inputs from Agencies)