Deputy Prime Minister (PM) Russia Alexander Novak warns of import ban oil from Russia will have “catastrophic” consequences. Previously, Western countries were reviewing further sanctions for Russia’s invasion of Ukraine.
“A ban on Russian oil (imports) will lead to disastrous consequences for global markets. The price spike will be unpredictable – more than $300 per barrel, even more,” Novak said in remarks carried by Russian news agencies.
According to Novak, it is “impossible” to immediately replace Russian oil on the European market. “This will take more than a year and will be much more expensive for European consumers,” he said.
Therefore, Novak appealed to European politicians to be honest in warning their citizens about the risk of rising prices for gasoline and electricity.
Novak said talk of an embargo on Russia’s oil created “instability and caused significant harm to consumers”.
He added that in retaliation for the termination of the Nord Stream 2 pipeline project, Russia could stop supply via the Nord Stream 1 pipeline.
“So far we haven’t made this decision. No one will benefit from this,” Novak said.
Earlier, US Secretary of State Antony Blinken said the US and its European allies would ban oil imports from Russia. They are currently discussing the plan.
“We are now in very active discussions with our European partners about banning imports of Russian oil into our country, while of course, at the same time, maintaining a stable global oil supply,” Blinken said. ReutersMonday (7/3).
(afp / sfr)
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