HomeInternationalOil price would hit $300 if West bans Russian imports, Moscow warns

Oil price would hit $300 if West bans Russian imports, Moscow warns

Oil costs spiked to their highest ranges since 2008 on Monday after US Secretary of State Antony Blinken stated Washington and European allies have been contemplating banning Russian oil imports.

“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak stated in an announcement on state tv.

“The surge in prices would be unpredictable. It would be $300 per barrel if not more.”

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Novak stated it would take Europe greater than a 12 months to switch the amount of oil it receives from Russia and it would should pay considerably increased costs.

“European politicians need to honestly warn their citizens and consumers what to expect,” Novak stated.

“If you want to reject energy supplies from Russia, go ahead. We are ready for it. We know where we could redirect the volumes to.”

Novak stated Russia, which provides 40% of Europe’s fuel was fulfilling its obligations in full however that it would be completely inside its rights to retaliate towards the European Union after Germany final month froze the certification of the Nord Stream 2 fuel pipeline.

“In connection with … the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” Novak stated.

“So far we are not taking such a decision,” he stated. “But European politicians with their statements and accusations against Russia push us towards that.”



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