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Could sanctions on Russian oil cause energy prices to spike?
Yes, sanctions that restrict Russian oil exports can reduce global supply, which often leads to higher energy prices. When a major supplier like Russia faces restrictions, markets may react by increasing prices to balance the reduced availability of oil.
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How dependent is the world on Russian oil?
Russia is one of the world's largest oil producers, supplying a significant portion of global oil, especially to Europe and Asia. While some countries are working to diversify their sources, many still rely heavily on Russian energy, making sanctions impactful on global markets.
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Could these sanctions lead to energy shortages?
There is a risk of energy shortages if sanctions severely limit Russian oil supplies and alternative sources are not quickly available. However, countries are also seeking to increase domestic production and alternative imports to mitigate shortages.
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What are the long-term effects of restricting Russian oil exports?
Long-term restrictions could accelerate shifts toward renewable energy and alternative suppliers. They might also reshape global energy markets, leading to higher prices and increased investment in energy diversification.
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Are US and EU sanctions effective in pressuring Russia?
Sanctions aim to weaken Russia's economy by cutting off revenue from oil exports. While they can hurt Russia financially, their effectiveness depends on enforcement and Russia's ability to find new markets or increase domestic sales.