It sounds unlikely that a ban on Russian oil imports could cause another global crisis. Russia is not the only oil and gas supplier. However, energy dependent countries will experience oil shortage.
The US, EU, UK, and Japan have not unveiled the full range of sanctions against Russia yet. Nevertheless, the global oil market has already been heavily overloaded. According to President of Lipow Oil Associates Andy Lipow, if Russia refuses to supply the EU with oil, oil prices may rise by another $20 to $30 per barrel and even more. Analysts fear that a large number of global products, particularly food, will appreciate significantly. The ban on Russian oil imports to the US may lead to a recession and a world crisis in the near future.
Lipow noted that Latin America was at risk of recession. He added that then it would roll on into the US and eventually would affect China's export capacity as demand for its products would fall.
Currently, Russia supplies 11% of global oil consumption, 17% of global gas consumption and nearly 40% of Western European gas consumption. It will require a long time to replenish these supplies. Notably, US President Joe Biden banned the import of Russian oil in response to the invasion of Ukraine.
