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West ‘excessively dependent’ on Russia: Pro

What's driving crude

As the United States and Europe announced new sanctions on Russia over Ukraine on Tuesday, Wolfe Research Managing Director Paul Sankey said that any sort of risk is enormous for oil.

"The fact of the matter is you are excessively dependent on Russian gas, and the world is excessively dependent on Russian oil," Sankey said on CNBC's "Fast Money."

"And if you think about the sanctions that were imposed on Iran and compare them to what's being done here, these sanctions are not that mean in all reality."

President Barack Obama announced expanded sanctions on Russia's economy, affecting Russian banking, defense and oil industries.

The added measures came just hours after the European Union reached an agreement to add new sanctions on Russia, covering the same sectors.

Europe relies heavily on Russia for natural gas, which weighed on the EU's decision.

Read MoreDennis Gartman: 3 ways to trade Russia

While Sankey downplayed the most recent sanctions, British Petroleum had announced in its premarket earnings report that although the company beat estimates, the company could be affected by escalating sanctions on Russia as well.

Read More Europe shares close higher; Earnings in focus

BP owns a 20 percent stake in Russian oil company, Rosneft.

By CNBC's Leanne Miller