The announcements mark an escalation of the sanctions already set by Western powers since President Putin invaded Ukraine.
What Are Sanctions?
Sanctions are penalties assessed by one country to stop it from acting aggressively or breaking international law.
The actions will damage a country’s economy or the finances of individual citizens, such as leading politicians.
They are among the most challenging actions nations can take, short of war.
What Have Countries Spoken About Russian Oil and Gas?
US President Joe Biden has prohibited all imports of Russian oil and gas.
He acknowledged that the decision was not without cost at home; however, he was taken “in close consultation” with partners.
The UK will phase out Russian oil imports by the end of 2022.
The EU currently imports a quarter of its oil and 40% of its gas from Russia, so it has not declared a total ban.
But the European Commission stated it would switch to alternative supplies and expand clean energy more quickly; in their hopes, it will make Europe independent from Russian energy “well before 2030”.
Germany has previously put permission for Russia’s Nord Stream 2 gas pipeline to open.
Western leaders have frozen the assets of Russia’s central bank, limiting its capacity to access $630bn (£470bn) of its dollar reserves.
The US, the EU, and the UK have also excluded people and businesses from dealings with the Russian central bank, its finance ministry, and its wealth fund.
Selected Russian banks will also lose access to the international financial messaging system SWIFT, which allows the smooth transfer of money across borders. The ban will hinder Russia’s payments for its oil and gas exports.