Russia warned the United States of America (US) on Wednesday that it is considering countering Washington's economic sanctions, which it calls "economic warfare," against Moscow with a ban on the use of Russian oil and energy.

Kremlin accuses White House of declaring an economic war and that it is sowing chaos through energy markets.

The Russian economy is going through its most severe crisis since the fall of the Soviet Union in 1991, after the West imposed harsh sanctions on almost the entire Russian financial and business system following Moscow's invasion of Ukraine.

Kremlin spokesman Dmitry Peskov called the West's sanctions an act of hostility that had rattled international markets and said it was unclear how far the turbulence in world energy markets would go.

"The hostility sown by the West is visible, and it makes us think seriously," Peskov said, refusing to specify Moscow's retaliation against the US.

Asked about the Kremlin's comments, Daleep Singh, deputy national security adviser to the White House, said, "This is a brutal and unnecessary war of aggression. We have always said, "If aggression increases, so will the costs."

"I wouldn't call it an economic war. This is our way of showing determination," Singh said.

Russia's President Vladimir Putin will hold a meeting with the government today to discuss minimizing the impact of sanctions.

The West's attempt to cut off Russia - one of the world's largest exporters of oil, gas and metals - has hit commodity markets and raised the specter of spiraling inflation around the world.

Russian President Vladimir Putin says the "special military operation" is essential to ensure Russian security after the United States extended the NATO military alliance to Russia's borders and supported pro-Western leaders in Kiev.

Ukraine says it is fighting for its existence and the United States, and its European and Asian allies have condemned the Russian invasion.