Oil costs spiked to their highest ranges since 2008 on Monday after US Secretary of State Antony Blinken mentioned Washington and European allies have been contemplating banning Russian oil imports.
“It’s completely clear {that a} rejection of Russian oil would result in catastrophic penalties for the worldwide market,” Russian Deputy Prime Minister Alexander Novak mentioned in an announcement on state tv.
“The surge in costs can be unpredictable. It might be $300 per barrel if no more.”
Novak mentioned it will take Europe greater than a yr to interchange the quantity of oil it receives from Russia and it must pay considerably larger costs.
“European politicians have to truthfully warn their residents and customers what to anticipate,” Novak mentioned.
“If you wish to reject power provides from Russia, go forward. We’re prepared for it. We all know the place we might redirect the volumes to.”
“In reference to … the imposition of a ban on Nord Stream 2, we now have each proper to take an identical determination and impose an embargo on gasoline pumping via the Nord Stream 1 gasoline pipeline,” Novak mentioned.
“To date we’re not taking such a call,” he mentioned. “However European politicians with their statements and accusations towards Russia push us in the direction of that.”