The West imposed sanctions on almost entire Russian financial and corporate system following Moscow's military operation in 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, told RIA news agency.
US President Joe Biden on Tuesday imposed a ban on Russian oil and other energy imports.
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, Reuters reported.
Russia says Europe consumes about 500 million tonnes of oil a year. Russia supplies around 30% of that, or 150 million tonnes, as well as 80 million tonnes of petrochemicals.
The Kremlin said on Wednesday that the US had declared an economic war on Russia that was sowing mayhem through energy markets.
Kremlin spokesman Dmitry Peskov cast the West's sanctions as a hostile act that had roiled global markets and he said it was unclear how far turbulence on global energy markets would go.
"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 told reporters.
"We see that the situation on energy markets is developing rather turbulently – and we don't know how far that turbulence will go," Peskov said.
He said Russia had been, was and would be a reliable energy supplier.
Asked about the Kremlin's comments, White House deputy national security adviser Daleep Singh said: "I wouldn't call it an economic war. This is our way of demonstrating resolve," Singh said.
Russian President Vladimir Putin says the "special military operation" is essential to ensure Russian security after the United States enlarged the NATO military alliance to Russia's borders and supported pro-Western leaders in Kyiv.
Russia’s Ambassador to Tehran Levan Dzhagaryan said Wednesday that the US had diverted global attention from Afghanistan to Ukraine following a hasty withdrawal from the war-torn country in August, 20 years after a devastating invasion.