How will Russia be hit if wealthy nations stopped buying its oil?

Russia produces close to 11 million barrels per day of crude oil. It uses roughly half of this output for its own internal demand

One option the U.S. and other nations have for ratcheting up pressure on Russia in response to its invasion of Ukraine is reducing their Russian energy purchases. U.K. Foreign Minister Liz Truss has proposed that the G7 nations – the U.S., U.K., Canada, France, Germany, Italy and Japan – impose limits on their Russian oil and gas imports. Global energy policy expert Amy Myers Jaffe explains how this strategy might work and how it could affect international oil markets, which have already been roiled by the conflict.

How important is Russia as a global oil