BREAKING: U.S. To Ban Russian Oil Imports

UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a 'powerful blow' to 'Putin's war,' warns Americans 'defending freedom is going to cost.'

UPDATE:  NEW YORK (AP) - Average price for a gallon of gasoline in the US hits a record $4.17 as the country prepares to ban Russian oil imports.

UPDATE: President Bident to speak at 10:30am EST approx. The White House says he will "announce actions to continue to hold Russia accountable".  You can watch it here. 

WASHINGTON (AP) - President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter. The move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector. Biden was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement. 
 

NBC News reports the ban could happen as soon as Tuesday.  It's believed the move will push energy prices even higher.  The President is scheduled to deliver remarks this morning from the White House about the situation involving Russia. Oil was already starting the day up over $125 a barrel on Tuesday.  Follow the markets here.

This is a developing story.  Stay with us for updates.