While Western leaders are yet to put any sanctions on Russia’s energy exports, the country’s oil industry is already struggling as international refiners are reluctant to do business with Russia. In the U.S., bipartisan calls for a ban on Russian oil imports are growing louder, and although that won’t have a large impact on the U.S. oil market, it will send oil prices higher. Soaring oil prices, largely a result of Russia’s invasion of Ukraine and the resultant sanctions, are threatening to worsen inflation and could significantly hurt the U.S. economy. Russia’s invasion of Ukraine has triggered severe economic sanctions , particularly on its financial sector. Last week, Western leaders slapped a raft of fresh sanctions on Russia, including the exclusion of Russia’s largest financial institutions from global financial systems; imposing an asset freeze against all major Russian banks, canceling all export permits with Russia, and prohibiting all major […]