The US president will announce a ban on the import of Russian oil early on Tuesday evening, reports the news agency Reuters and refers to sources.
According to the American newspaper Bloomberg, the embargo is not only about stopping crude oil but also liquefied natural gas and coal from Russia to the United States.
Spokesmen for the White House National Security Council declined to comment.
The US decision is said to be made in consultation with EU countries, but the union, led by German Chancellor Olaf Sholz, made it clear as recently as Monday that the effects would be too great for Europe's economy to cope with a stalemate in Russian energy.
Historical record levels
On Tuesday, Politico's reporter Alex Wickman also reports that the British government will issue a statement that it intends to reduce Russian oil and gas imports over time.
Canada has previously announced an embargo on Russian oil.
Russian oil accounted for 3 percent of US oil imports last year.
Oil prices touched historic highs when US Secretary of State Anthony Blinken announced at the weekend that an embargo on Russian oil was being considered.
The record high commodity prices in the wake of Russia's attack on Ukraine and Western sanctions have prompted, among others, the International Monetary Fund (IMF) to warn of significant consequences for the world economy.