Americans Can Expect To Pay Extra For Way More Than Oil As A Result Russia Invasion Of Ukraine

DALLAS (CBSDFW.COM) - In addition to oil products, Russia is also known for exporting billions of dollars of precious stones, metals, iron, steel and fertilizers into the U.S.

SMU Cox Professor of Global Business Strategy David Jacobson said Americans can expect to pay more for for these goods in the near future.

"There will be a run up on pricing and it will happen in a variety of ways even if there's not a ban," he said. "The things we buy that are components of things that we think of as traditionally American products are full of components that get imported and those pieces are going to be harder to get and more expensive to get."

He said a multitude of factors play into this.

"You know whether it's because of blowback from the sanctions and the import bans or just the disruptions because there's a major war going on there now we are going to find that our access to those important components are going to have to shift to other places," he said. "Shipping which wasn't cheap is now going to be really expensive."

He said the situation is not expected to get better anytime soon. However, long term it could lead to an overall stronger and more diverse supply chain.