President Joe Biden of the United States has proposed a ban on Russian oil imports, a big step up in the international response to Moscow's invasion of Ukraine.

The decision comes as Western-allied countries attempt to isolate Russia from the global economy and isolate Russian President Vladimir Putin.

By the end of 2022, the United Kingdom has declared its own plans to lessen its dependency on Russian oil supplies.

"Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy," Biden said at the White House. "That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine."

"This is a step we’re taking to inflict further pain on Putin," Biden said.

The European Union presented a strategy to wean itself off Russian fossil fuels on Tuesday morning.

In a news statement, European Commission President Ursula von der Leyen stated, "We simply cannot rely on a supplier who explicitly threatens us."

The White House said Biden will sign an executive order banning Russian oil, liquefied natural gas and coal imports to the U.S.

A senior Biden administration official told reporters later Tuesday that the embargo on new Russian oil contracts is "immediate." Oil is Russia's most important export and source of wealth.

No new contracts will be permitted, and existing Russian oil contracts must be terminated within 45 days, revealed the official.

Notwithstanding being self-sufficient in oil, the United States purchased around 672,000 barrels per day from Russia in 2021, according to estimates from the Energy Information Administration.

This represents about 8% of total oil and refined product imports into the United States.

The United States imports the majority of its crude oil and petroleum from Canada, Mexico, and Saudi Arabia, making it significantly less reliant on Russian oil than Germany, Italy, Hungary, the United Kingdom, and other European countries.

On Tuesday, word of the embargo sent oil prices rising.

The price of West Texas Intermediate crude futures, which are contracts for oil deliveries in April, reached $129.44 per barrel. That price is barely below Monday's recent high of $130.50 per barrel, which was the highest price for oil since 2008.

Russia has suffered unprecedented international reaction since its invasion of neighboring Ukraine, with dozens of countries imposing sanctions on the Kremlin, its mega political elites, and even Putin himself.

Since the West declared heavy sanctions, Russia's ruble has fallen in value and its stock exchange has been closed.

Russia seeks a change of leadership in Ukraine, as well as recognition of the seized territories of Luhansk and Donetsk by Ukraine and wants Ukraine not to join NATO which is a transatlantic military alliance.