Rejection Of Our Oil Will Push Price To $300 Per Barrel, Says Russia’s Deputy Prime Minister

Russia has threatened that the ban on its oil could push crude oil price to over $300 per barrel oil price and a possible embargo on gas deliveries to Europe through the Nord Stream 1.

Russian Deputy Prime Minister Alexander Novak said this in a statement on state television.

Novak said, “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market.

“The surge in prices would be unpredictable. It would be $300 per barrel if not more.

“European politicians need to honestly warn their citizens and consumers what to expect.

“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.”

On Tuesday the US and the UK placed an embargo on Russian oil regardless of the consequences.

“In another economic blow to the Putin regime following the illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions,” Boris Johnson announced.

US President, Joe Biden while announcing the ban on Russian oil admitted, “This decision today is not without costs here at home. Putin’s war is already hurting American families at the pump — and this will drive up costs further. So, I will take every step we can to minimize Putin’s price hike here at home.”

Novak said Russia supplies 40 per cent of Europe’s gas and has been fulfilling its part of the agreement.

Recall last month, Germany froze the certification of the Nord Stream 2 gas pipeline.