New Delhi, Feb 23 (TIWN) Tensions between Russia and Ukraine continued to keep crude oil prices on the boil.

Russia is one of the world's top producers of crude oil and any western sanctions against it will stiffen the global supply.  The ongoing crisis also assumes significance for India as it is import-dependent to fulfil its crude oil needs. The rise in crude oil prices can escalate domestic prices, thereby triggering inflation.  Crude oil prices rallied as tensions between Russia and West increased after the former ordered troops into two breakaway regions in eastern Ukraine, leading to supply concerns, brokerage house ICICI Securities said.  "Furthermore, oil prices rallied after US and EU discussed potential sanctions on Russia. EU proposed a ban on buying Russian bonds and sanctions on three Russian banks..."