The Russian economy continues to be hit by increasing global sanctions as the conflict escalates between Russia and Ukraine and after recent news regarding a potential ban of russian imports from Europe and America has severely impacted the situation as the country continues to be more economically isolated and may have to search for alternative export destinations. While this news has led oil prices to reach the highest level since 2008 with brent spot approaching $140 per barrel, the russian economy continues to suffer from sanctions and with no end to the conflict in sight, we could see a continuation of this trend despite the talks of a nearing agreement on the Iran nuclear deal as well as potential for the US to revoke sanctions on Venezuela in an attempt to stabilize the energy market. While there seems to be a way to compensate for the Russian oil supply down the line, the situation remains dire for the time being and could lead to prices testing even higher levels as uncertainty across markets continues to grow.

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