Why the price of a ban on Russian oil and gas would likely be a recession
Why the price of a ban on Russian oil and gas would likely be a recession
The Ukrainian president, Volodymyr Zelenskyy, made his position clear on Monday morning in his latest message to the world: the West must stop buying oil and gas from Russia.
Such an embargo would be one of the last remaining trade weapons that the US and its allies could deploy against Vladimir Putin's regime.
The prospect of such a ban sent the price of Brent crude to as high as $139.13 per barrel at one point overnight, the highest since July 2008, while the price of natural gas at one point today hit 800p per therm - which, to put it in context, is four times the level it was prior to Mr Putin's invasion of Ukraine.
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