Robert Buckley, an energy analyst at Cornwall Insight, said the UK ban was symbolic because Russian oil was a small part of its overall energy mix.
He said the move is likely to increase oil prices in the coming weeks because of the US ban and boycotts by western companies.
This is a global market and you have to replace the displaced supply somehow, according to Mr Buckley.
This decision will support oil prices which are already very high.
Image source, Getty ImagesAt one point on Monday, the price of the global oil benchmark hit a 14-year high of $139 a barrel. The prices went up after the sanctions were announced.
On Asian markets, the price of crude was just below $130.
The RAC expects petrol prices to go up even more because of the rising wholesale costs.
The average price of petrol and diesel was both records yesterday, according to the RAC.
In 2016 you could buy petrol at supermarkets and other low-cost retailers.
He said he expected prices to stay high as long as the conflict continued and that a deal to release supply from Iran or Venezuela could ease the pressure.
Businesses are likely to pass on the costs of diesel powered vehicles to their customers.
The cost of living in the UK was rising at its fastest rate in 30 years before Russia invaded Ukraine.
The cost of fuel and energy has gone up as a result of the war, as well as other commodities like wheat and metals.
Image source, Getty ImagesThe EU's decision to reduce its reliance on Russian gas is likely to hit the UK, according to an oil and gas analyst.
The UK's energy price cap, which limits what consumers pay for gas and electricity, is expected to rise to more than 3000 a year for the average household when it is reviewed in October.
We are on the verge of a long period of high oil and gas prices, possibly lasting several years, according to Mr. Piper.
He said that cutting the second largest gas producer and third largest oil producer out of global supply would not have a big impact on consumers.
He said there would be extreme fuel poverty over the next few years, with the government facing growing pressure to offer more support.
The Centre for Business and Economic Research warned in research published on Tuesday that a combination of rising commodity and oil prices and sanctions was likely to have a major impact on the UK economy.
GDP growth this year is estimated to be less than 2%, down from a previous forecast of 4.2%.
In the second quarter of this year, the CEBR expects inflation to hit 8.7% and disposable incomes to fall by 4.8%, the largest drop since records began in 1955.
The forecast fall in living standards this year is an estimated 71 billion, which equates to 2,553 per household.
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