Russia warned the West on Wednesday that it was working on a broad response to sanctions that would be swift and felt in the West's most sensitive areas.

Russia's economy has been facing the gravest crisis since the 1991 fall of the Soviet Union after the West imposed crippling sanctions on almost the entire Russian financial and corporate system following Moscow's invasion of Ukraine.

"Russia's reaction will be swift, thoughtful and sensitive for those it addresses," Dmitry Birichevsky, the director of the foreign ministry's department for economic cooperation, was quoted as saying by the RIA news agency.

U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion.

Russia warned earlier this week that oil prices could shoot up to over $300 per barrel if the United States and European Union banned imports of crude from Russia.