Watch Live: Biden to announce ban on Russian oil imports over Ukraine invasion

Washington — President Biden is set to announce a U.S. ban on Russian oil imports over the country's invasion of Ukraine, two sources familiar with the matter tell CBS News, taking aim at Russian President Vladimir Putin's main revenue source as Russian forces continue battering Ukrainian cities. 

The ban also applies to Russian natural gas and coal, sources said. 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.

The White House said the president will speaking at 10:45 a.m. to "announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine."