WASHINGTON, March 8 - President Biden banned imported oil and other energy sources from Russia to punish the country as it intensified its military campaign in Ukraine, a move that will add pressure to already record U.S. gasoline prices and the economic recovery, The Wall Street Journal reported.

The U.S. immediately prohibited new Russian shipments of oil, certain petroleum products, liquefied natural gas and coal under an executive order Mr. Biden signed Tuesday. Washington will give companies 45 days to wind down existing contracts for Russian energy supplies, a senior Biden administration official said. The order also bars new U.S. investment in Russia’s energy sector and blocks Americans from financing foreign companies that invest in the sector.