Terry Sawchuk on News On: U.S. Bans Russian Oil Imports

Mar 10, 2022 | Blog, Blogs, In the News, News On with Miranda Kahn

On Tuesday, March 8, President Biden officially announced that the U.S. will target “the main artery of Russia’s economy” in response to the invasion of Ukraine by banning all imports of Russian oil, gas and energy. To help understand what this ban may mean for investors, News On with Miranda Khan spoke with Terry Sawchuk, founder and chairman of Sawchuk Wealth, for insight.

“What I am concerned about is that if we don’t get this solved within two to three weeks, meaning if there’s a ceasefire and the sanctions begin to get lifted, then we’re going to get to see another global financial crisis like we saw in 2008 and 2009,” warns Sawchuk. “We’re going to lose liquidity, the markets could drop by 50 to 60 percent or more, and then it’s going to be up to the Fed to step in and figure it out.”

Furthermore, Sawchuk cautions that a recession is not only a possibility but an event that will most likely happen if the crisis in Ukraine and current sanctions against Russia continue.

“It’s not a matter of if a recession occurs; we are going to get one. It’s whether it turns into something more systemic and much larger,” he explains. “One thing that people don’t understand about the commodities complex is that there’s a lot of leverage in the system and nobody knows how exactly this is going to play out, but when you get to $150 or even $200 for a barrel of oil, things start to break.”

Fortunately, there are things investors can do in the meantime to be more cautious, calm their fears and protect their savings.

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Any information discussed in this article is for educational purposes only. It is not meant to be any kind of recommendation or financial advice. The information contained in this video is intended for informational purposes only. Any opinions are those of Terry Sawchuk and not necessarily those of JW Cole Financial, Inc. or JW Cole Advisors, Inc.

Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). Sawchuk Wealth and JWC/JWCA are unaffiliated entities.