Oil Shock and Its Impact

On 8th March, 2022, the US announced a complete ban on Russian oil, liquefied natural gas and coal imports in a bid to deprive Russia of the economic resources, in view of its ongoing war activities in Ukraine.

  • The ban blocked any new purchases of Russian crude oil and certain petroleum products, liquefied natural gas and coal.
  • Russia is the third biggest producer of oil in the world, behind the US and Saudi Arabia.
  • Russian gas accounts for about 40 per cent of the EU’s natural gas imports. And if Russian gas stopped flowing into Western Europe, already heated prices would ....
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