Biden bans Russian oil and gas imports to U.S., targeting "main artery" of Russia's economy

Washington — President Biden on Tuesday announced a U.S. ban on Russian oil and gas imports over the country's invasion of Ukraine, taking aim at Russian President Vladimir Putin's main revenue source as Russian forces continue battering Ukrainian cities. 

"Today, I am announcing the United States is targeting the main artery of Russia's economy," the president said. "We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be accepted in U.S. ports, and the American people will deal another powerful blow to Putin's war machine."

The ban also applies to Russian coal, sources told CBS News ahead of the announcement. The move comes as gas prices have spiked to all-time highs in the wake of the Russian invasion, despite U.S. efforts to release oil reserves and ramp up supply. Mr. Biden said the decision was made in close consultation with allies and partners in Europe, but acknowledged that some allies "may not be in a position to join us."