US readies broader Russia sanctions that could hit banking, energy sectors

Russia's standoff with the West over Ukraine continues to stir anxieties across global energy and commodity markets about possible new sanctions.

Brian O'Toole, nonresident senior fellow at the Atlantic Council and a former senior sanctions official at the US Treasury Department, joined Platts senior editor Meghan Gordon to discuss the penalties the US and EU might impose if Russia invades. He predicts a "broadening and deepening" of the Western sanctions leveled in 2014.

They also discuss how the sanctions might differ if there's a perceived lesser threat like a cyberattack and how the backdrop of rising energy prices makes the stakes so high.

Stick around after the interview for Jordan Blum with the Market Minute, a look at near-term oil market drivers.