The US looks set to go ahead and ban imports of Russian oil, with an announcement expected as early as today, according to reports.
Bloomberg suggests that President Joe Biden has decided to go ahead without Europe, although there was reportedly a consultation between the parties.
That news has driven the price of brent crude oil up slightly, with it now trading at US$124.87 per barrel, with the price likely to go up even further as and when an official announcement has been made.
According to the American Fuel and Petrochemical Manufacturers trade association, around 61% of America's oil came from neighbouring Canada in 2021, significantly higher than the 3% that came from Russia in the same year.
Imports from Mexico accounted for about 10% of America's oils needs, with 6% coming from Saudi Arabia.
Europe will not be imposing any sanctions itself at this stage, given it is much more reliant on Russian energy than its ally across the Atlantic.
Imports from Russia accounted for about 40% of EU gas consumption in 2021, according to the International Energy Agency.