Russia has warned that the oil prices for the West could exceed $300 per barrel and it could face severe gas shortage due to the closure of the Russia-Germany gas pipeline project.
The statement comes from the Russian Deputy Prime Minister, Alexander Novak, in the wake of the persistent threats from Western countries to cut energy supplies from Russia due to military aggression against Ukraine.
On Monday, US State Secretary Antony Blinken said that the US and its European allies are considering banning Russian oil imports. Soon after the statement, the global oil prices hit $139, the highest ever since 2008.
Speaking during a show on Russian state television, Alexander Novak warned Washington and European allies that a ban on Russian oil imports would result in devastating consequences for the global market.
The surge in oil prices would be uncontrollable and it would hit $300 per barrel, Russian Deputy PM foreshadowed.
He added that Russia is ready for a ban on its oil imports from the US and Europe. It knows the markets where the oil exports meant for Europe will be redirected in case of a ban.
However, Europe would require more than a year to replace the volume of oil it receives from Russia. Till then, it would be forced to pay exorbitant prices. Therefore, European politicians must think rationally and honestly warn their citizens of the possible detrimental impact of cutting energy supplies with Russia.
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