- The U.S. ban on imports of Russian crude oil is effective immediately, while Britain said they will phase out Russian crude oil imports by the end of this year - meaning 9+ months of phased withdrawal.
- Europe is “hooked” on Russian energy, so Germany has come out against a ban on Russia crude oil. Both France and Italy also want to continue to buy Russian crude oil. As a result, a Western alliance against banning Russian crude oil remains problematic.
- Higher energy prices are pushing up fertilizer prices, which in turn naturally increase crop prices, so food and energy inflation is now spinning out of control.
- Since Russia is a major nickel supplier, the Ukrainian invasion has effectively curtailed the EV revolution, since higher nickel prices will cause lithium-ion battery prices to rise.
For further details see:
The Messy Geopolitics Of Global Energy