An outright ban on Russian oil and gas imports by the European Union would likely tip economies across Europe into recession, according to the United Kingdom's finance minister, Chancellor of the Exchequer Rishi Sunak.

The chancellor was said to have warned colleagues in government that an immediate embargo by the bloc would be hugely damaging to all of Europe and cost the British economy 70 billion pounds ($92 billion), reported the Financial Times.

Britain and its allies have imposed sanctions on Russia in response to the crisis in Ukraine, and the UK has announced it will cut all Russian oil imports to zero by the end of the year.

But the EU has resisted such a move and instead announced a plan to cut Russian gas imports by two-thirds within a year. It is reported to be planning a full phase-out of Russian dependency by 2030.

Last week, more than 100 members of the European Parliament signed a letter calling for an immediate EU ban on fuel imports from Russia.

The United States has already blocked imports of Russian oil and gas as part of its sanction measures against Moscow.

Russia is the world's third-biggest oil producer after the US and Saudi Arabia, according to the International Energy Agency.

Speaking to British broadcasters on Sunday, Sunak warned that the Ukraine crisis and sanctions on Russia mean the economic forecast is uncertain.

Sunak is due to deliver a statement on public finances on Wednesday, with UK inflation pushing toward 8 percent and the economy set to slow after its post-pandemic rebound.

Asked if there was a risk of recession, he would not be drawn. "What I would say to people is they should feel confident about the strength of our economy," he told Sky News. "But the outlook is uncertain ... because of what's happening in Ukraine."

European countries are hugely dependent on Russian fossil fuel imports, which account for 40 percent of the bloc's gas and 25 percent of its crude oil, according to official figures.

The Reuters news agency reported that Germany is doing all it can to secure alternatives.

"If we do not obtain more gas next winter and if deliveries from Russia were to be cut, then we would not have enough gas to heat all our houses and keep all our industry going," said Minister for Economic Affairs Robert Habeck on Saturday.

Habeck was headed to Qatar and the United Arab Emirates where he said he would discuss liquefied natural gas supplies.