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What would a U.S. ban on Russian oil mean for the world?

A Russian state flag flies on the top of a diesel plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. [Reuters]

The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008. 

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