The US and UK are banning Russian oil and the EU is ending its reliance on Russian gas, stepping up the economic response to the invasion of Ukraine.
US president Joe Biden said the move targeted “the main artery of Russia’s economy”.
President Biden’s announcement followed pressure from both sides of the US political divide to do more to target the Russian economy.
Mr Biden admitted the move was “not without cost at home,” adding the decision was taken “in close consultation” with allies.
In a similar move, the UK is to phase out Russian oil imports by the end of 2022.
Energy exports are a vital source of revenue for Russia but the move is also likely to impact western consumers.
Before the measures were announced, Russia warned of “catastrophic” consequences for the global economy and said it might close its main gas pipeline to Germany.
The conflict has already sent petrol prices to record highs in the US and the UK and experts warn they could go even higher.
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