The United States made this decision in close consultation with its allies and partners around the world, as well as Members of Congress of both parties.

"The United States is able to take this step because of our strong domestic energy infrastructure and we recognize that not all of our Allies and partners are currently in a position to join us," Biden said while imposing the ban.

"But we are united with our Allies and partners in working together to reduce our collective dependence on Russian energy and keep the pressure mounting on Putin, while at the same taking active steps to limit impacts on global energy markets and protect our own economies," he said.

Emergency service staff of Ukraine during rescue operation after a building was hit by heavy shelling on the 13th day of Russian 'Special Military Operation' in Ukraine, in Mykolayiv / UNI

With this ban, Americans will also be prohibited from financing or enabling foreign companies that are making investments to produce energy in Russia.

"This announcement builds on unprecedented economic costs the United States and our Allies and partners have imposed on Russia. As a result of our historic, multilateral coordination, Russia has become a global economic and financial pariah," Biden announced.

Over 30 countries representing well over half the world’s economy have announced sanctions that impose immediate and severe economic costs on Russia, cut off access to high-tech technology, sap its growth potential, and weaken its military for years to come, he said.

Slamming Putin's "needless war of choice", President Biden said, "The United States and governments all over the world are going after Putin’s cronies and their families by identifying and freezing the assets they hold in our respective jurisdictions – their yachts, luxury apartments, money, and other ill-gotten gains."

Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step, according to Biden, will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.

Putin’s declaration of war on Ukraine has led to higher energy prices and raised costs for Americans at home.

President Biden Tuesday promised that he will keep working to mitigate the pain American families feel at the pump and reduce our dependence on foreign oil and fossil fuels.

Meanwhile, the United Kingdom Business and Energy Secretary Kwasi Kwarteng said Tuesday that the UK will phase out “the import of Russian oil and oil products by the end of 2022.”

“This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8 percent of UK demand,” said Kwarteng on Twitter, adding that the UK government will work with companies to support them in finding alternative supplies.

“The UK is a significant producer of oil and oil products, plus we hold significant reserves. Beyond Russia, the vast majority of our imports come from reliable partners such as the US, Netherlands and the Gulf. We’ll work with them this year to secure further supplies," he said.