The FT News Briefing is supported by Equinole, the UK's energy partner.

Learn more at equinole.co.uk

Good morning from the Financial Times. Today is Wednesday, March 9.

And this is your FT News Briefing.

The US and UK have banned oil and gas imports from Russia which once again caused

prices to spike yesterday and that could spell bad news for Western economies.

If those prices go up, then we have often less money to spend on other goods and services

and that means the economies can fall into recession.

Plus with all this talk about fossil fuels, have we lost sight of a green transition?

We'll take a look. I'm Mark Filipino and here's the news you need to start your day.

The US and UK will no longer bring in Russian oil and gas.

The European Union did not follow suit. It relies a lot more on Russian energy than the US and UK.

But the EU did say yesterday it would cut Russian gas imports by two thirds within a year.

The price of oil, which had already been surging, jumped on Tuesday after the US announced the

ban, there are now fears of an oil shock, stagnation and even an oil-driven recession,

especially in Europe. The FT's economics editor Chris Giles has more.

Well, it's an unfortunate fact that we still need oil and gas or energy as a whole to produce goods

and services and they're absolutely essential for the production process.

So that if those prices go up, then we have often less money to spend on other goods and services

and that means the economies can fall into recession. If the price rises big enough

and the countries are consuming countries, so it really hits them really hard.

So is this idea of stagnation and oil price-driven recessions a done deal? Is there anything

...