Russia is one of the world's largest oil producers, accounting for 10% of global demand. Giving up Russian oil means having to buy it from elsewhere. People are worried that prices will rise.
Russia is one of the world's largest oil producers
As the war in Ukraine continued, the British were warned that fuel and gas prices could continue to rise.
Russia is one of the world's largest oil producers. But how dependent are Britain, Europe and Russia on oil and gas?
Here we will answer all your questions.
How dependent are the UK and Europe on Russian oil and gas?
Natural gas is a big problem, of course as far as the EU is concerned, because about 40% of its demand comes from Russia.
The UK only imports 5 to 6 per cent of gas from Russia, but we are still affected because wholesale gas is a globally traded commodity.
The Russian civilian tanker SGV-Flott was hit by a missile launched from the ukrainian port of Mariupol
Russia is one of the world's largest oil producers, accounting for 10% of global demand.
What would happen if the world, and the European Union in particular, stopped buying Russian gas?
"We're going to be scammed," said Nathan Piper, an oil and gas equity analyst at Investec. "All bets will be cancelled."
The obvious short-term alternative is to buy more liquefied natural gas (LNG), which is typically transported by supertankers.
After Russia invaded Ukraine, oil prices soared
But the supply of LNG is already very tight and the price is high.
The EU and the UK can import more gas from Norway and North Africa, but they are transporting at maximum capacity.
Will the European Union and other countries that halt Russian gas imports hit Putin?
Yes, although the rest of the world may buy the natural gas that we and other countries shy away from. China is clearly a possible candidate.
As a result of the war in Ukraine, gas prices are likely to rise sharply
What are the alternatives to natural gas?
Renewables are part of the mix, but we are still a long way from being able to rely on them.
Despite environmental impacts and climate change commitments, countries can postpone the closure of nuclear and coal-fired power plants, or remove stored nuclear power plants.
Russian President Vladimir Putin
What about oil?
Giving up Russian oil would mean having to buy it from elsewhere, and supplies are already constrained by booming global demand.
Over the past few days, Russian oil prices have actually fallen by about 10 percent, in part because of transportation issues.
But like natural gas, if the West snubs Russian oil, there will always be others — unaffected by possible sanctions — who will continue to buy it.
Putin with Rosneft CEO Igor Shechin
What is the price we pay?
Ultimately, any restrictions on Russian oil and gas supplies could lead to higher prices.
The question is whether we're prepared to bear the brunt of already tight household budgets and inflation, let alone what this means for businesses.
For oil, which already exceeds $100 a barrel, that could mean higher prices.
From 1 April, the cap on wholesale gas prices for 22 million UK households will rise by an average of £700 per year to £1971, which is the main reason for the surge in wholesale gas prices over the past year.
It's based on wholesale costs a hot 128p – they're now 300p.
Investec has warned that the price cap could spike to £3,000 in October.
If wholesale natural gas prices remain unchanged, or rise, the blow could be even greater.