18:28
Breaking
US announces ban on Russian oil
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President Biden has confirmed a complete US ban on Russian oil, gas and coal imports.
He says the move means the "American people will deal another powerful blow" to Putin's leadership.
"We will not be part of subsidising Putin's war," Biden adds.
Despite mounting fears of rising gas prices, the move has widespread bipartisan political support in the US.
Oil prices have been surging in anticipation of Biden's announcement - with the price of brent crude, the international benchmark, rising more than 5%, to $130 a barrel.
The US move is more immediate than in Europe, which is far more reliant on Russian oil and gas.
Posted at 18:2118:21
Breaking
UK to phase out Russian oil
The UK government is to phase out Russian oil and oil products by the end of 2022.
This transition period will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand, it said.
It echoes a similar proposal from Washington, where President Biden is set to announce a complete US ban on Russian oil, gas and coal imports.
The EU has also today made moves to reduce the continent's reliance on Russian gas, saying it aims to cut its demand by two thirds by the end of the year.
The UK is less reliant on Russian fossil fuels than many European countries. But Russian supplies still make up 8% of overrall imports into the UK, and 18% of UK diesel comes from Russia.