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Russia Warns Oil Price Could Soar Above $300 If Western Countries Ban Imports

Russian Deputy Prime Minister Alexander Novak warned that Western countries could face oil prices above $300 per barrel. Besides, the main Russian-German gas pipeline could be closed if Western governments continue their plans to stop Russian oil imports.

In addition, Novak threatened that Russia could cut off gas supplies to Europe via the Nord Stream 1 pipeline in response to Western sanctions against Russia.

However, this step has not yet been decided.

“It is absolutely clear that abandoning Russian oil would have catastrophic consequences for the world market. The price spike would be unpredictable — over $300 a barrel, if not more.”

“We understand that due to the unfounded accusations against Russia regarding the energy crisis in Europe and the imposition of a ban on Nord Stream 2, we have every right to mirror this decision and impose an embargo on the flow of gas through Nord Stream 1, which is now at its maximum capacity of 100 per cent.”

“But so far we have not made this decision. No one will benefit from it. Although European politicians with their statements and accusations against Russia are pushing us towards it,”

said Alexander Novak on Monday.

The warnings came as world crude oil prices rose to their highest level in 14 years after U.S. Secretary of State Antony Blinken said the United States and its European allies were considering the possibility of halting Russian oil imports as a sanction against Russia.

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