Russia warned of the “catastrophic consequences” in the event of a Western embargo on Russian oil, which the United States and the European Union (EU) are studying as a possible retaliatory measure for the military intervention in Ukraine.
“It is quite obvious that the refusal to buy Russian oil will have catastrophic consequences for the world market”, Russian Deputy Prime Minister for Energy Alexander Novak said.
“The price increase could be unpredictable and reach more than US$300 per barrel or more”, he said, quoted by Russian news agencies.
According to Novak, it is impossible to quickly replace Russian oil for the European market with an alternative source.
“It will take several years and will be much more expensive for European consumers, who will be the main victims of this scenario”, he warned.
The price of a barrel of Brent crude from the North Sea touched $140 on Sunday, close to its all-time high of $147.50 reached in July 2008.
Novak’s remarks come as the United States and the EU discuss imposing sanctions on Russian oil and gas in retaliation for Russia’s military intervention in Ukraine, part of a series of harsh economic sanctions against Moscow in recent years. days.
Source: Gestion
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