But oil and gas exports, the mainstay of the Russian economy, are exempt from the sanctions.
They were worth a combined total of $235.5 billion (£179 billion) last year and experts fear they may be enough to pay for the Russian war effort.
The European Union is set to put forward its own proposals on Tuesday, after Ursula von der Leyen, the president of the European Commission, warned: “We have to get rid of the dependency on Russian gas, oil and coal.”
She is expected to call for member states to switch over to liquefied natural gas (LNG) from rival suppliers like the US and Qatar and alternative gas pipelines from Algeria and Nigeria.
But any EU move is likely to be limited by German reluctance. “The federal government has been working with its partners within the European Union and beyond for months to develop alternatives to Russian energy. But that doesn’t happen overnight,” Mr Scholz said on Monday.
In the wake of the invasion the German chancellor surprised his allies and critics alike with his swift decision to scrap the Nord Stream 2 gas pipeline.
