The EU is sharply reducing gas imports as countries respond to the Russian invasion of Ukraine, while the UK is phasing out Russian oil.
The US is expected to make an announcement on oil later on Tuesday.
The EU gets 40% of its gas from Russia, and the European Commission said it would reduce demand by two-thirds.
Russia's economy is heavily dependent on energy exports and the measures are meant to hurt it.
Such action could cause prices to go up. At one point on Monday, the price of crude oil reached $139 a barrel, its highest level in almost 14 years.
Russia warned that it may close the main gas line to Germany if the West banned Russian oil.
Business and Energy Secretary Kwarteng said on social media that the UK will stop buying Russian oil by the end of the year.
Businesses should use this year to ensure a smooth transition so that consumers won't be affected, he said.
US President Joe Biden is expected to make an announcement at 10:45 local time. The White House said the president would be announcing further actions against Russia.
Political support for the move is there. Senior Republicans and Democrats in Congress agreed to suspend normal trade relations with Russia.
They said that taking these actions will send a clear message to Putin that the United States stands with our Nato allies.
Russia makes up about six percent of the UK's oil imports, while 8% of US oil imports come from Russia.
The EU is more reliant on Russian energy, and said it would switch to alternative supplies and expand clean energy faster to fill the shortfall, with the aim of making Europe independent from Russian fossil fuels by the year 2030.
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