Counting the Cost

Will efforts to cut Russian energy imports cause oil price shock?

The US and UK ban Russian oil, as the EU plans to drastically shrink its reliance on gas from Russia.

Russia is the world’s largest exporter of natural gas and the second-largest oil exporter. But Washington has now banned Russian oil and gas in response to the invasion of Ukraine, targeting its biggest source of income.

The European Union, which will feel the effects of moving away from Russian energy more acutely, aims to cut gas imports by two-thirds this year.

The move will worsen inflation and push up fuel prices and Washington is scrambling to find alternative suppliers.

We also look at how the war is worsening Sri Lanka’s economic problems.