The US will stop importing oil and natural gas from Russia, US President Joe Biden has said as the West escalates sanctions against Moscow over the Ukraine invasion.

Russia's key energy exports face US sanctions, with President Joe Biden announcing that the United States would no longer import Russian oil.

"We will not be part of subsidizing Putin's war," Biden said, describing energy imports as "the main artery of Russia's economy."

The US president also warned oil companies and their partners against "excessive price increases" as the war and fears of more bans drive up energy prices on the global market.

"Russia's aggression is costing us all, and it's no time for profiteering or price gauging," he said.

What is the EU stance?

On Tuesday, Biden said the US decided on the ban "in close consultations with our partners and our allies around the world, particularly in Europe," although many might not join the boycott.

Biden pointed out that the US is a net energy exporter, "so we can take this step when others cannot."

"But we're working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well," he said.

Russia's key energy exports face US sanctions, with President Joe Biden announcing that the United States would no longer import Russian oil.

"We will not be part of subsidizing Putin's war," Biden said, describing energy imports as "the main artery of Russia's economy."

The US president also warned oil companies and their partners against "excessive price increases" as the war and fears of more bans drive up energy prices on the global market.

"Russia's aggression is costing us all, and it's no time for profiteering or price gauging," he said.

What is the EU stance?

On Tuesday, Biden said the US decided on the ban "in close consultations with our partners and our allies around the world, particularly in Europe," although many might not join the boycott.

Biden pointed out that the US is a net energy exporter, "so we can take this step when others cannot."

"But we're working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well," he said.

What else did Biden say?

Biden acknowledged that the latest ban would cause fuel prices to rise even more but pledged to do everything possible to "minimize Putin's price hike" in the US. 

Biden also urged Americans to embrace the transition to clean energy, saying it would take power away from "tyrants like Putin to use fossil fuels as weapons against other nations."

Ukrainian President Volodymyr Zelenskyy previously urged Western leaders to include Russia's energy exports, an essential source of income for the Kremlin, into the sweeping package of sanctions against Moscow.

While announcing the import ban, the US president pledged to continue supporting Ukraine and said that "Putin's war on Ukraine would leave Russia weaker and the rest of the world stronger."

He also said the US would "share the responsibility and cost of caring for the refugees," as the number of people fleeing Ukraine topped 2 million.