European stocks are set to tumble after news that the U.S. and European allies are considering a ban on Russian oil imports, posing a global stagflation risk.
Last week, the pan-European Stoxx 600 benchmark lost 7% and suffered its worst week since March 2020, the onset of the coronavirus pandemic.told NBC on Sunday that Washington is in "very active discussions" with European governments about banning imports of Russian crude and natural gas.
Such a move could pose a risk of stagflation — a period of slow economic growth and high unemployment coupled with high inflation — for the global economy. Oil prices surged to their highest since 2008 in response to the news, with international benchmark Brent Crude last seen up 10% to around $130 per barrel and U.S. crude up 8.8% to around $125.80 per barrel.on neighboring Ukraine in recent days, with forces attempting to advance and isolate the capital city of Kyiv and other major cities while being met with fierce Ukrainian resistance.
Western powers have already imposed a suite of punitive economic sanctions in a bid to isolate Russia from the global economy, but the Kremlin has continued its invasion and Ukrainian President Volodymyr Zelenskyy has urged NATO to implement a no-fly zone on Ukraine, as yet to no avail.
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