EXPLAINER: What’s the impact if Europe cuts off Russian oil?

By The Associated Press

Europe is discussing a boycott of Russian oil over the Kremlin’s invasion of Ukraine. As Russia’s biggest customer for oil, the 27-country European Union could deal a blow to President Vladimir Putin’s state finances. But Europe would face higher prices and such a move could send an oil shock through a global economy that’s still rebounding from the COVID-19 pandemic. Consumers would see higher prices at the pump, while the loss of Russian diesel could fuel inflation. One solution could be to ease the shock by phasing in a boycott by year’s end.