london european stocks are set to tumble on monday after news that the us and european allies are considering a ban on russian oil imports posing a risk of global stagflation britains ftse 100 is seen around 137 points lower at 6850 germanys dax is set to slide by around 379 points to 12716 and frances cac 40 is expected to drop by around 152 points to 5910 according to ig data us secretary of state antony blinken told nbc on sunday that washington is in very active discussions with european governments about banning imports of russian crude and natural gas such a move could pose a risk of stagflation a period of slow economic growth and high unemployment coupled with high inflation for the global economy oil prices surged to their highest since 2008 in response to the news with international benchmark brent crude last seen up 10 to around 130 per barrel and us crude up 88 to around 12580 per barrel russia has continued to ramp up its assault on neighboring ukraine in recent days with forces attempting to advance and isolate the capital city of kyiv and other major cities while being met with fierce ukrainian resistance western powers have already imposed a suite of punitive economic sanctions in a bid to isolate russia from the global economy but the kremlin has continued its invasion and ukrainian president volodymyr zelenskyy has urged nato to implement a nofly zone on ukraine as yet to no avail shares in asiapacific were sharply lower on monday with hong kongs hang seng index dropping more than 3 to lead regional losses us stock futures pointed to a negative open on wall street later in the day subscribe to cnbc pro for exclusive insights and analysis and live business day programming from around the world