WASHINGTON (TSAT) - The US President Biden on Tuesday has announced to impose ban on the import of Russian oil, liquefied natural gas, and coal to the United States.

In a statement, issued from the White House, President Biden said the latest move would further deprive President Putin of the economic resources he uses to continue his war in Ukraine.

"The United States made this decision in close consultation with our Allies and partners around the world, as well as Members of Congress of both parties," said Biden.

"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. 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."

The US and its allies already imposed tough economic sanctions against Russia including travel ban on President Putin and other senior government officials after Moscow attack Ukraine last month. 

 "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," said the US President.

He added that the Russian currency now losing its value as they isolated Russia’s Central Bank and cutting off the largest Russian banks from the international financial system.

 "U.S. and allied export controls are impacting industrial production in Russia, Russian commercial aviation, and other key sectors of the Russian economy," he said. 

However, Biden and his allies moves pushed world into new economic crisis as oil and food prices hike across the world.

The oil prices in the US also increased and hit all time high since 2008.