Britain and the US are among the countries announcing a ban on Russian oil imports as Vladimir Putin's invasion of Ukraine continues.
Russia exports of oil are worth £90billion a year and the sanctions will have an impact on the country's economy.
But how will this affect the cost of living in Britain? Here is everything you need to know.
What action are the Western countries taking on Russian oil?
Britain is to impose a ban on Russian oil imports which will come into force at the end of this year.
The United States is going further and banning oil, coal and natural gas imports.
The European Union is not bringing in an immediate ban but has vowed to reduce substantially its gas imports.
Brussels says it is aiming to cut its demand by two thirds over the the year. EU countries are much more reliant on Russian energy supplies. While the UK imports 8% of its oil from Russia, the EU gets 42% of its gas supplies.
How will Russia respond?
The ban on oil is the toughest sanction imposed on Vladimir Putin ’s regime so far.
Russia exports of oil are worth £90billion a year and make up 17% of the government’s tax revenue. The embargo will cause further damage to the already weakened economy.
Western nations have been under pressure to act amid accusations they were paying for Putin’s invasion by purchasing Russian fossil fuels.
The Russian President may now carry out his threat to cut off supplies completely but such a move is not without risk as the economic pain inflicted on his country could provoke public unrest.
What will it mean for fuel and energy prices?
Prepare for pain at the pumps. The cost of filling your tank has already reached a record high because of the invasion of Ukraine, with the average price for litre of petrol now £152.95.
The cost of heating your home will also become more expensive. Some experts predict average gas and electricity bills could top £3,000 by October.
The Resolution Foundation think tank is warning the surge in prices could see inflation rise from 5.5% to 8% this Spring, costing families £1,000 a year extra on average.
What is the Government doing to help with rise in living costs?
Chancellor Rishi Sunak has announced a £150 council tax rebate and a repayable £200 discount on energy bills.
He is under pressure to offer further help when he delivers his Budget on March 23. At the moment the Treasury is playing down the prospect of more support.
Labour is calling for the government to scrap the planned rise in national insurance contributions and to cut the 5% VAT on fuel bills.
What are the political consequences for the Government?
Ministers are hoping that voters will accept the economic pain as the price for supporting Ukraine and standing up to Russian aggression.
But if it fails to soften the impact it could be hit by a backlash. Right-wing Tories are also agitating for the government to ditch its net zero target and to lift the ban on fracking.
