U.S. President Joe Biden will announce a ban on imports of Russian oil into the country as Washington tries to increase economic sanctions on Moscow over its invasion of Ukraine, according to a White House official.

The move comes after days of debate within the Biden administration and between the United States and Western allies over the benefits of banning Russian oil to punish Russian President Vladimir Putin for attacking Ukraine and the danger it could spark a new shock to global energy. out. market.

That could increase pressure on European powers to follow suit, but Germany has so far resisted any ban on buying Russian crude on the continent.

A ban on U.S. imports would be far less disruptive to global markets than a full-scale international embargo, since only a fraction of Russian goods are shipped to the United States.

Russia, the world’s top oil exporter, was exporting nearly 8 million barrels a day of crude oil and petroleum products to the global market at the end of last year, according to the International Energy Agency. About 60 percent of Russia’s oil exports go to Europe, while 8 percent go to the United States, according to the International Energy Agency. China accounts for about 20%.

The White House said Biden would make a statement at 10:45 a.m. ET on Tuesday “taking action to continue to hold Russia accountable for its unprovoked and unwarranted war against Ukraine.” It will involve other forms of energy imports other than oil, including coal and liquefied natural gas, according to U.S. officials familiar with the move.

Biden has faced intense pressure from members of Congress, including Republicans and Democrats, to move forward with a ban on imports of Russian oil, but has resisted to keep energy flowing around the world and prevent a surge in domestic gasoline prices.

Russian Deputy Prime Minister Alexander Novak warned late Monday that a potential ban could cause oil prices to more than double to $300 a barrel. He also said Russia could choose to shut down gas supplies to Europe through the original Nord Stream pipeline, but so far chose not to because “no one would benefit from it”.

Brent crude rose about 5 percent to around $130 a barrel on Tuesday, as traders reacted to signs that the United States was preparing to announce a ban on Russian imports. West Texas Intermediate, the U.S. benchmark, rose by a similar margin to $125.

On Monday, German Chancellor Olaf Schultz rejected the idea of ​​a European ban on Russian oil imports, saying he would prefer to put “sustainable” pressure on Moscow that would not cause too much trouble for Germans as energy consumers. cost.

“The German government has been working with partners inside and outside the EU to develop alternatives to Russian energy for several months. However, this cannot be done overnight,” Scholz said.

Mohammad Barkindo, secretary-general of the OPEC producer group, warned that a total embargo would not fill the gap left by Russian oil.

“There is currently no capacity in the world that can replace 7 million barrels of exports,” he told the CERAWeek energy conference in Houston on Monday.

Oil prices have soared in recent days as many big oil consumers boycotted Russian oil even before any official crude embargoes were announced. Brent and WTI both end 2021 below $80 a barrel.