Top Biden administration officials will meet on Monday with executives from banks, oil companies and other firms to discuss the impact from the Russia-Ukraine war and the ensuing sanctions from the U.S. and its European allies.
Treasury Secretary Janet Yellen, national security adviser Jake Sullivan, National Economic Council Director Brian Deese and Commerce Secretary Gina Raimondo will host an in-person, off-the-record discussion this afternoon with companies representing the banking, clean energy, oil, food and manufacturing industries, according to a White House official.
Companies attending include Exxon Mobil, ConocoPhillips, Marathon Petroleum, JPMorgan Chase, Visa, Bank of America, Land O'Lakes, Cargill, U.S. Steel, Dow, Pattern and Invenergy, the official said.
Administration officials will brief the business leaders on the U.S. ban on Russian oil as well as other financial issues related to the Russian invasion of Ukraine.
The U.S. has led a global push to penalize the Kremlin over its invasion of Ukraine nearly one month ago, the biggest attack on a European state in decades.
The raft of sanctions from the West includes cutting off a key part of the Central Bank of Russia by preventing it from selling dollars, euros and other foreign currencies in its roughly $630 billion reserve stockpile; blocking certain financial institutions from the Swift messaging system for international payments; and sanctioning some of the Russian elites who have close ties to President Vladimir Putin.
The U.S. also ordered a ban on Russian oil imports – something that President Biden has warned will hurt Americans at the gas pump.
"Defending freedom is going to cost," Biden said when announcing the penalty.
The sanctions come as American consumers are already grappling with the hottest inflation in four decades, with prices soaring 7.9% in February.
In response, the White House has urged energy suppliers to boost production in order to help quell rising prices. The Biden administration has also accused executives of prioritizing investor returns over higher output – and has suggested that oil companies are keeping gas prices high, even as the cost of oil inches lower.
"Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans," Biden said last week.
FOX Business' Edward Lawrence contributed to this report