What impact will the US ban on all Russian oil imports have and which countries will be most affected? | Business News

Russia is the world’s third biggest oil producer, pumping out 10.5 million barrels a day or 11% of the global total.

That represents 44% of all of its exports – sales that bring in 17% of Moscow’s federal tax revenues according to the UK government – and therefore a significant element in the funding of Vladimir Putin’s war machine.

Only America and Saudi Arabia produce more of the black stuff.

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That’s why US President Joe Biden says that sanctions against the oil industry target the “main artery” of Russia’s economy.

American restrictions are significant because it is the world’s biggest economy.

The White House says the measures “will deprive Russia of billions of dollars in revenues from US drivers and consumers annually”.

Last year, the US imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia – but that represents just 3% of Russia’s exports.

With America able to rely on major energy resources of its own, it is far from Moscow’s biggest oil customer.

Germany, Europe’s biggest economy, is the country most reliant on Russia for the commodity, with its imports from the country representing 30% of its oil usage.

France and Italy, at 13% each, are next, followed by Britain, then South Korea and only then the US, according to figures from the International Energy Agency.

For sanctions to be most effective, those big buyers would need to fall in line.

But unlike previous US efforts to isolate oil producers – such as Iran – America is not threatening to punish foreign entities that carry on filling the Kremlin’s coffers with petrodollars.

In fact, Mr Biden offered understanding to…