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Russia warns West of oil at $300 if they cut energy imports

Tuesday, 08 March 2022 2:58 AM [ Last Update: Tuesday, 08 March 2022 2:58 AM ]

A display shows fuel prices per litre at a gas station in Ebersburg near Fulda, Germany March 7, 2022. (Photo by Reuters)

Russia has warned that Western nations may face oil prices of more than $300 per barrel and the likely shutdown of a gas pipeline to Europe if they implement their threats to cut energy supplies from Russia.

"It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market," Russia's Deputy Prime Minister Alexander Novak said on state television.

"The surge in prices would be unpredictable. It would be $300 per barrel if not more," Novak said.

He said it would take Europe more than a year to substitute the volume of oil it gets from Russia and that it would have to pay much higher prices.

"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," the senior official said.
On Monday, oil prices surged to their highest levels since 2008 after US Secretary of State Antony Blinken declared that Washington and European allies were considering banning Russian oil imports.

US, European allies ‘discuss banning Russia oil imports’

The US and its European allies are discussing banning Russian oil imports over the operation in Ukraine.

"We are now in very active discussions with our European partners about banning the import of Russian oil to our countries," Blinken said in an interview on NBC's "Meet the Press" show.

The White House has also slapped sanctions on exports of technologies to Russia's refineries and the Nord Stream 2 gas pipeline, which is designed to carry Russian natural gas to Germany, but has not been launched.

"European politicians need to honestly warn their citizens and consumers what to expect," Novak said, noting that Russia, which supplies 40 percent of Europe's gas, was totally fulfilling its obligations but that it reserved the right to retaliate against the European Union after Germany froze the certification of the Nord Stream 2 gas pipeline last month.

"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 then explained.

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

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