Europe is about to ban Russian oil: What’s next?

Russia’s decadeslong dominance of Europe’s energy market is crumbling, and the biggest blow is expected this week as the European Union moves toward a ban on Russian oil.

Analysts say it will be possible to sever Europe’s oil ties to Russia, but the effort will take time and may lead to shortages and higher prices for gasoline, diesel, jet fuel and other products — a situation that could penalize consumers already struggling with inflation and ultimately derail the economic recovery from the pandemic.

It’s “going to be complicated,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm. “You have got a de-linking of two very intertwined parts of the global energy system,” he said.