Russia tells US to await response to "economic war"

The Kremlin has accused the United States on Wednesday of declaring an economic war on Russia that was sowing mayhem through energy markets, and it put Washington on notice it was considering its response to a ban on Russian oil and energy.

The US is waging an economic war against Russia, Kremlin spokesperson Dmitry Peskov told the press on Wednesday.

Peskov said that Moscow will respond decisively to a ban on Russian oil and energy. Russia insists that the West is engaging in 'hostile bacchanalia' and that its analyzing the situation.

Kremlin has said that the price of oil may sour up to 300 US Dollars per barrel, if the US continues with its behavior of pushing Western countries to boycott the oil from Russia.

This comes hours after US President Joe Biden announced a ban on American imports of Russian oil, taking aim at the heart of the Russian economy over the military operation in Ukraine.

"We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin," Biden said in an address from the White House, adding that the decision was taken "in close consultation" with allies.

The announcement came as Western-allied nations work to cut off Russia from the global economy to punish President Vladimir Putin over the military action in Ukraine.

Biden talked with the leaders of France, Germany and the United Kingdom on Monday to build support for a ban on Russian energy imports. Britain also said on Tuesday that it will phase out imports of Russian oil and oil products by the end of 2022.