Russia warned the price of oil could leapfrog to $300 a barrel and threatened the possible closure of gas supplies to Europe amid rising tensions against Western countries considering a ban on Russia oil.
“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 said in a statement on state television, according to Reuters. “The surge in prices would be unpredictable. It would be $300 per barrel if not more.”
Noting Germany’s decision last month to freeze the certification of the Nord Stream 2 gas pipeline, Novak said Russia could ax the existing Nord Stream 1 pipeline – considered one of Europe’s main sources of natural gas.
“We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” said Novak
