The European Union's executive commission has proposed phasing out imports of Russian oil within six months
Chances are that oil prices would go up for everyone because oil is a global commodity. That would mean higher prices at the pump and for home heating, less disposable income for consumers and be a drag on the economic recovery from the COVID-19 pandemic.
Buyers in India and China might avoid Russian oil if it means possible sanctions trouble with the West. And Western customers are already shunning Russian oil because they don’t want to be associated with the country or can't find insurers or banks willing to handle dealings with Moscow. Rystad Energy expects a loss of 1.5 million to 2 million barrels per day and oil reaching $120 to $130 per barrel by year's end.
While the price for Russia's main export benchmark to Europe, Urals crude, has been discounted by $35 a barrel compared with international benchmark Brent, Russia's revenue losses have so far been limited because of generally higher oil prices.