Biden on Russian oil import ban: "We will not be part of subsidizing Putin's war"

President Biden announced Tuesday that the U.S. will ban all imports of Russian oil, natural gas and coal in response to Vladimir Putin's invasion of Ukraine.

What he's saying: "We will not be part of subsidizing Putin’s war," Biden said. "The American people will deal another powerful blow to Putin's war machine."

Biden acknowledged that the decision "is not without costs here at home."

"I'm going to do everything I can to minimize Putin's [gas] price hikes" in the U.S., the president said.

"This crisis is a stark reminder that to protect our economy over the longterm, we need to become energy independent," Biden added. "It should motivate us to accelerate a transition to clean energy."