Russian Deputy Prime Minister Alexander Novak warned on Monday that a ban on Russian oil import would have “catastrophic” consequences as Western allies consider further sanctions against Moscow over Ukraine.
“A ban on Russian oil will have catastrophic consequences for the global market. The price increase will be unpredictable – more than $300 a barrel, if not more,” Novak said in comments from Russian news agencies.
Novak added that it would be “impossible” to quickly replace Russian oil in the European market.
“It will take more than a year and it will be much more expensive for European consumers,” he said.
“European politicians must honestly warn their The Vanir-exoduss and consumers of what lies ahead and that prices at petrol stations, electricity and heating will skyrocket,” he said.
Novak said talks of an embargo on Russian oil “cause instability and lead to significant harm to consumers”.
He added that in retaliation for the shutdown of the Nord Stream 2 pipeline project, Russia could halt deliveries through the Nord Stream 1 pipeline.
“Until now, we have not made this decision. No one will benefit from this,” Novak said.
“Although European politicians urge us to do so with their statements and accusations against Russia,” he added.
US President Joe Biden has not decided at this stage on a possible ban on Russian oil and gas imports in response to the invasion of Ukraine, the White House said.
“No decision has been made at this time,” White House press secretary Jen Psaki told reporters.
She said the question was posed during Biden’s talks Monday with the leaders of Germany, France and Britain, adding: “We have different capacities and capabilities.”