Ukraine’s president addresses the House of Commons as the UK and US announce bans on Russian oil imports.
Highlights
- Oil prices jumped more than 7% at one point on Tuesday, as the US and UK announced plans to ban Russian oil imports.
- The price of Brent crude, an international benchmark, is now hovering at around $130 (£99) a barrel.
- In the US, Americans are now paying an average of $4.17 per gallon – the highest on record.
- A complete ban on Russian energy products would have enormous impact on Russia’s economy.
- Capital Economics estimates it would prompt Russia’s economy to contract by 25%, while causing inflation in Europe to double.
- In Europe, it would cause a 25% drop in wages and fuel prices.