What would a US ban on Russian oil mean for the world?

The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008.

Russia is the world’s top exporter of crude and oil products combined, at around 7 million barrels per day (BPD) or 7% of global supply. Such a ban would be unprecedented, turbocharging already sky-high prices and risking inflationary shock.

Here are some of the likely consequences of a ban:

RECORD PRICES

Western governments have not directly sanctioned Russia’s energy sector but some customers are already shunning its oil to avoid becoming entangled in legal troubles later.