SAN DIEGO — President Biden has made it clear that sanctions imposed on Russia could hurt the United States as well.
"The American people understand that defending democracy and liberty is never without cost," Biden said last week. "I will not pretend this will be painless. There could be an impact on our energy prices."
Those potential sanctions imposed by the U.S. may include targeting Russia's banking sector and other key industries.
"We're ready to continue diplomacy including at the highest levels to try to resolve this matter peacefully, " said National Security Advisor Jake Sullivan. "But we are equally ready and we are united as the west in imposing swift and severe consequences if Russia chooses to move forward."
Russia is the third-largest producer of oil worldwide, accounting for roughly 12 percent of global crude oil production, and seven percent of U.S. crude oil imports.
California is already experiencing record-high prices at the pump.
As for whether sanctions could lead to even higher fuel costs here at home, one local expert is urging calm.
"Don't panic, a lot of it is speculative," said Mikhail Alexseev, a political science professor at San Diego State University, who is originally from Ukraine. "We don't know exactly what kind of sanctions may be imposed, and more importantly, we don't know what counter-sanctions Russia may impose."
"To put things in perspective, our economic exposure to Russia is comparatively small," Alexseev told CBS 8, adding that the largest exposures are in the energy and wheat industries.
"But these are not exclusive commodities that Russia provides to us," said Alexseev.
Alexseev said that this may provide an opportunity for other exporters to raise production, as well as for domestic energy producers.
As for wheat, "Latin American countries may fill in the void," he said, "so the net effect may actually be positive rather than negative."
He also highlighted the price of not imposing sanctions on Russia, emphasizing what is at stake for international relations and protecting democracy.
"If we don't stand up for our values, and for international values, that space that we have will be shrinking," Alexseev said.
WATCH RELATED: UC San Diego professor breaks down what is causing the high tensions in Ukraine (Feb. 2022).