Russia exports around 5 million bpd of crude and 2.8 million bpd of refined products.
Since Russia began its special military operation in Ukraine, the United States and other European nations have been reluctant to sanction Russia’s oil and gas exports. This is because the Western allies are concerned about the repercussions on Europe’s energy supply and skyrocketing oil and gasoline prices.
Although this concerns European nations and America, the possibility of sanctions on Russian energy exports is still not off the table as the war wages on. According to many analysts, if the West bans Russian oil, international crude prices could skyrocket to as high as $150 per barrel.
Although a sanction on Russian energy export could trigger high oil prices, however, in the event of no sanctions on Russian energy exports, prices are set to remain very high in these present conditions because buyers and refiners have taken it upon themselves to sanction Russia by not touching Russian crude and looking for alternative supplies.
