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The Western world stands aghast at the suffering of the Ukrainian people. The global economic consequences of the conflict could also be severe, because Russia and Ukraine are major exporters of vital commodities.
The US and UK have announced oil embargos, with the US ban immediately effective on March 8 and the UK planning to phase out Russian oil imports by the end of this year.
European countries, notably Germany and Italy, are relatively much bigger customers for Russian oil—and, crucially, depend on Russia for over 40% of their natural gas as well as 30% of their oil.