US President Joe Biden on Tuesday announced a ban on Russian oil and other energy imports in an escalation of economic penalties that could have both domestic and international consequences.

The move shuts off the flow of Russian fuel into the US, which receives less than 10 per cent of its energy resources from Russia.

But the ban could raise gas prices, the national average of which has already hit a record in the US, and further rattle global energy markets.

In a coordinated move, Britain announced that it would phase out imports of Russian oil by the end of the year.

In Bangalore, Union finance minister Nirmala Sitharaman expressed concern over the rising crude prices because of the Ukraine crisis.

“It will certainly have an impact on the Indian economy,” she said.