The US government is scheduled to announce a total ban on import of Russian hydrocarbons.

Russian oil and gas imports are responsible for less than 10 per cent of the US’ fossil fuel supply, while the European Union relies on Russia for over 40 per cent of its gas needs.

US president Joe Biden will officially announce the decision later today, the White House explained.

However it is said the US could act alone in the ban, after Biden failed to persuade the leaders of France, Germany and the United Kingdom to do so in a call on Monday.

Earlier today Russia’s deputy prime minister Alexander Novak said the country had the “full right” to stop supplying gas to Europe.

Oil prices soared to their highest peak since 2008 earlier this week, as the US said it would consider a ban on Russian energy imports.