Biden To Ban Russian Oil, MN Gas Prices Could Break Records

MINNESOTA — President Joe Biden is expected to ban all oil imports from Russia this week, a move that could further cripple the Russian economy but will also drive prices higher at gas pumps in Minnesota and across America.

The Associated Press first reported news of Biden's decision, which could be announced as soon as Tuesday.

Biden was initially reticent to pull the trigger on banning Russian oil imports out of a desire to limit the escalation of American gas prices.

Prices are approaching $4 in parts of Minnesota. In Houston County, the average gallon of gas is going for $3.92, according to AAA.

If prices continue to climb, Minnesotans could soon be paying record-breaking numbers at the pump. Gas prices hit a record high in May 2013 when Minnesotans were paying $4.27 on average for a gallon of unleaded, AAA said.

Biden's expected move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.

In the delicate balance of isolating and crippling Russia's economy while stymieing inflation in America, Biden specifically highlighted the Russian energy carve-outs as a virtue because they would help to protect U.S. families and businesses from higher prices. But pressure from Zelensky and parts of the American public could end those carve-outs this week.

Reporting from the Associated Press was used in this report.