Oil prices could rise to more than $300 a barrel if the United States and the European Union ban Russian oil imports, Deputy Prime Minister Alexander Novak said on Monday. thursday (7).
“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Novak said in a video statement broadcast on state television.
“The rise in prices would be unpredictable. It would be $300 a barrel, if not more.”
According to Novak, it is impossible to quickly replace Russian oil on the European market with an alternative source.
“It will take several years and it will be much more expensive for European consumers, who will be the main victims of this scenario”, he warned.
Novak’s remarks come as the United States and the EU discuss the imposition of sanctions on Russian oil and gas, in reprisal for Russian military intervention in Ukraine, as part of a series of tough economic sanctions against Moscow in recent days.
US President Joe Biden, however, has yet to make a decision on banning Russian oil imports, White House Press Secretary Jen Psaki said on Monday.
Psaki told reporters that discussions on the matter were ongoing internally as officials considered options to punish Russia for its invasion of Ukraine.
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