As the conflict in Ukraine worsens, ever more sanctions are being inflicted on Russia. Many countries have strongly condemned Russia’s actions in Ukraine, but so far, the international community has stopped short of directly targeting Russian energy exports. While this would do significant damage to the Russian economy, it will also hurt the global economy and oil consumers worldwide as prices for petroleum products such as gasoline and diesel will rise further.
However, the voices that suggest that this is a sacrifice that the world should be willing to make to stop the conflict in Ukraine are getting louder. Canada has already announced a ban on Russian oil imports, but this is largely a symbolic move since the Canadians have not imported any crude oil from Russia since 2019.
The United States is also considering such a move. On Thursday, March 3rd, a bipartisan group of U.S. lawmakers introduced legislation to ban Russian oil imports. The Biden administration has so far resisted implementing such a ban since it is concerned about the impact of higher energy prices on U.S. consumers.
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