CNBC: Russia warns of $300 oil, threatens to cut off European gas if West bans energy imports
* “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak said Monday in an address on state television.
* “The surge in prices would be unpredictable. It would be $300 per barrel if not more.”
* His comments come with Russia’s onslaught of Ukraine well into its second week, with the already dire humanitarian crisis expected to worsen as the Kremlin continues its invasion.
Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports.
“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak said Monday in an address on state television.
“The surge in prices would be unpredictable. It would be $300 per barrel if not more.” Novak also cited Germany’s decision last month to halt the certification of the highly contentious Nord Stream 2 gas pipeline, saying: “We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.”
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WNU editor: The German economy minister says they are ready .... Germany Says It's Prepared If Russia Cuts Gas Flows to Europe (Bloomberg). No they are not .... Factbox: Can Germany keep warm without Russian gas? (Reuters). If Russia cuts natural gas exports expect rationing and sky-high prices throughout Europe.
Russia Threatens To Cut Natural Gas Exports To Europe
Russia threatens Europe’s gas supplies as west mulls oil import ban over Ukraine invasion -- The Guardian
Russia threatens to cut major gas pipeline to Germany if US, European allies ban Russian oil imports -- FOX News
Bipartisan Deal Reached For Russian Energy Ban -- OilPrice.com