(The Hill) — The Kremlin on Wednesday said that the U.S. has declared an “economic war” on Moscow with its actions in response to the Russian invasion of Ukraine. 

The comments by Kremlin spokesman Dmitry Peskov came after President Joe Biden announced on Tuesday that the U.S. would no longer import Russian oil, Reuters reported.

“The situation demands a rather deep analysis — those decisions announced by President Biden,” Peskov said. “If you are asking me what Russia is going to do — Russia is going to do what is necessary to defend its interests.”

“The United States definitely has declared economic war against Russia and is waging this war,” he added.

Along with the recently announced ban on Russian oil, the U.S. has imposed harsh economic sanctions on many aspects of Russia’s economy and sanctioned at least 26 high-profile politicians and oligarchs. 

“You see the bacchanalia, the hostile bacchanalia, which the West has sown — and that, of course, makes the situation very difficult and forces us to think seriously,” Peskov said, according to Reuters. 

The coordinated effort to cripple Russia’s economy by the West has been implemented to pressure Russia to withdraw from Ukraine. 

Private companies have also joined in punishing Russia by removing or limiting their businesses in the country. 

Russia has only referred to the invasion of Ukraine as a “special military operation” and has tried to falsely paint Ukraine as the aggressor in the situation.