Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, shares his perspective on the US ban on Russian oil imports.

Today, Biden announced a ban on Russian oil imports. What will this mean for Americans in the near-term?

Well, prices have already rocketed at the pump in result of the Russian invasion in Ukraine and the incredible sanctions that the US and the EU have put on Russia as a result. The average price for a retail gallon of gas has gone up 55 cents just in the last week, and it's likely to escalate even further with today's announcements, potentially reaching $5 or even $6 a gallon. This is unprecedented in the US and hearkens back to the energy price shocks of the 1970s that led to an inflationary price spiral that took years for the US economy to unwind. The Biden administration's signaling this is not the end of their escalation against Russia and is preparing the American people to bear some of the costs of these incredible actions.