US President Joe Biden is expected to announce a ban on US imports of Russian oil.
The announcement is expected to come as the latest sanction in response to Moscow’s invasion of Ukraine.
According to the White House, Biden is set to announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.
Biden’s administration has been under increasing pressure from US lawmakers to take this step.
But Russia said it may cut its main gas pipeline to Germany if the oil ban goes ahead on Russian oil.
Deputy Prime Minister Alexander Novak warned rejection of Russian oil would lead to catastrophic consequences for the global market, causing prices to more than double up to Three hundred dollars a barrel.
Russia is the world’s second-largest gas producer and third-largest oil exporter, and any move to impose sanctions on its energy industry would badly damage its economy.