U.S. President Joe Biden will announce new anti-Russian sanctions on Tuesday, March 8, because of the events in Ukraine.

“The President will announce actions to continue to hold Russia accountable for its unprovoked and undeclared war against Ukraine,” the U.S. president’s updated work schedule said.

Biden is scheduled to speak at 18:45 Moscow time.

A Bloomberg correspondent said that during the speech the American president will announce a ban on oil imports from Russia.