Sanctions are piling up on Russia, and a measure that seemed unimaginable only a couple weeks ago – the ending of Russian oil and gas imports – is now very much on the table. Just this week, the US announced a ban on Russian fossil fuels, the UK has said it will end Russian oil imports this year and the EU has published plans to wean itself off Russian gas before 2030.
A full global ban on imports of Russian coal, oil and gas would lead to soaring consumer prices and potentially trigger a global recession, analysts are warning. But there would also be winners if this were to happen. In Europe, Norway would be at the front of the queue to step in if the continent were to start refusing hydrocarbons from Russia.
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