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US President Joe Biden said the slot move targeted "the main artery of Russia's economy."

Energy exports are a vital source of income for Russia, but the move is likely to affect Western consumers as well.

Meanwhile, major brands have continued to pull out of Russia, with McDonald's and Coca-Cola the latest to .

Russia's economy relies heavily on energy. It is the third largest oil producer in the world, behind Saudi Arabia and the United States

Before the measures were announced, Russia warned of "catastrophic" consequences for the world economy and said it may close its main gas pipeline to Germany.

On the ground in Ukraine, civilians have been evacuated from two areas under attack, while the United States has said as many as 4,000 Russian soldiers may have been killed in the conflict.

The conflict has already pushed gasoline prices to record highs in the US and UK and experts warn they could rise further.

However, Venezuela could increase its oil production to help replace Russian oil.

Reinaldo Quintero, president of the association that represents Venezuelan oil companies, told the BBC that the country could potentially raise its production levels by 400,000 barrels a day.