The U.S. imports little oil from Russia, Rober Yawger, Energy Futures Strategist at Mizuho, pointed out.

“Here in the United States, I mean, we imported 200,000 barrels a day. We imported about 450,000 barrels of product… so we can definitely exist without that. It’s a spit in the bucket.”

But he added that it’s a different story for the European Union.

“The Eurozone, we’re talking percentage points, double digits. So it’s a totally different game,” Yawger said.

But by not imposing an energy ban right away, the EU has given itself some strategic leeway.

“If the Russians are on the verge of taking Kyiv, for example, the Europeans may decide at the point may decide to use that no Russian crude oil bullet at that strategic time,” he said.

Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions.

The sanctions had already upended Russian oil and gas exports even before the ban, as traders sought to avoid running afoul of future sanctions.
Source: Reuters