American President Joe Biden announced Tuesday a ban on “all imports of Russian oil and gas and energy.” The move increases economic pressure against Russia for its invasion of Ukraine. But it could bring higher energy prices and affect the world’s economies. “The decision today is not without cost here at home,” Biden said. “Since Putin began his military build-up at Ukrainian borders…, the price of gas at the pump in America went up 75 cents and with this action, it’s going to go up further.” The United States Energy Information Administration said, in 2021, the United States imported about 245 million barrels of oil from Russia. That adds up to 8 percent of the country’s energy imports. As for natural gas, the U.S. has been an exporter since 2017.