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Russia is a major exporter of rare-earth minerals and heavy metals - such as titanium used in airplanes. "An expectation that as this crisis spirals worse, that supplies of oil from Russia are going to be disrupted." Other industries, from food to cars, might also be hurt "There's a geopolitical premium, or call it a fear premium, in the price of oil," Daniel Yergin, vice chairman of IHS Markit, told Morning Edition. imports relatively little oil from Russia, oil prices are set by the global market, meaning local prices could rise anyway. "They could simply be casualties of a military invasion," Rediker said.Įither way, if Europe's natural gas supply is pinched, that could cause energy prices - which have already been climbing - to rise even further. Nearly 40% of the natural gas used by the European Union comes from Russia - and no European country imports more than Germany, a key ally of the United States.Įven if Russia chooses not to limit exports, supplies could still be affected by the conflict in Ukraine because multiple pipelines run through the country, carrying gas from Russia to Europe. President Biden said prior to Russia's invasion of Ukraine that the not-yet-operational Nord Stream 2 pipeline would not move ahead in the event of an invasion.įor one, Russia could choose to cut off or limit oil and gas exports to Europe as retaliation for sanctions. As a result, officials have reportedly shied away from severe sanctions on Russian energy exports.īut there are other ways the energy market could be disrupted.ĪP Nearly 40% of the natural gas used by the European Union comes from Russia. Russia is a major exporter of oil and natural gas, especially to Europe. In the early hours following Russia's invasion, Brent crude oil was trading at more than $100 per barrel for the first time since 2014, and another benchmark, West Texas Intermediate, rose nearly 5% to more than $96 per barrel. But that does not mean there will not be some collateral damage," said Doug Rediker, a partner at International Capital Strategies. "The premise of sanctions is to hurt the other guy more than you hurt your own interests. economy rely on highly specific Russian exports, primarily raw commodities. does not rely much on trade with Russia, it is somewhat insulated from direct consequences. sanctions could drive up prices for everyday Russians or cause Russia's currency or markets to crash.īecause the U.S. The forthcoming sanctions could include restrictions on major Russian banks that would dramatically affect Russia's ability to conduct international business.
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AFP via Getty Images President Biden speaks about Russia and Ukraine in the East Room of the White House on Tuesday.