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”.
Energy exports are a vital source of revenue for Russia but the move is also likely to impact Western consumers.
Major brands have meanwhile continued to pull out of Russia, with McDonald’s and Coca-Cola the latest to leave.
Russia’s economy is heavily dependent on energy. It is the world’s third-biggest oil producer, behind Saudi Arabia and the US.
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.
On the ground in Ukraine, civilians have been evacuated from two under-attack areas while the US has said up to 4,000 Russian troops may have been killed in the conflict.
The conflict has already sent petrol prices to record highs in the US and the UK and experts warn they could go even higher.
However, Venezuela could increase its oil production to help replace Russian oil.
Reinaldo Quintero, president of the association that represents Venezuelan oil companies told the BBC that the country could potentially raise its production levels by 400,000 barrels a day.
“I think we can reach 1.2 million barrels per day with the infrastructure we have right now at this moment. So that will make us able to supply the need, some of the need, to the North American market,” he said.
President Biden’s announcement followed pressure from both sides of the US political divide to do more to target the Russian economy.
“We’re banning all imports of Russian oil and gas and energy,” he said.
“That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to [President Vladimir] Putin.”
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.
