LIVE | Russia warns on oil import ban as little progress is made at Ukraine talks
Russia warned that oil prices could surge to $300 a barrel and it might close the main gas pipeline to Germany if the West halts oil imports over the invasion of Ukraine as peace talks made little progress.Oil prices soar as U.S. says it may go alone on import ban Oil prices hit 14-year highs and Wall Street fell after Washington said it was talking to European allies about banning imports of Russian oil.
As many as 5 million Ukrainians could flee the country if Russia's invasion continues, the EU's top diplomat said, while the United Nations' refugee agency said over 1.7 million have left so far. "We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline," Russian Deputy Prime Minister Alexander Novak said on Monday.Novak also warned that oil prices could more than double to $300 a barrel if the United States and its allies banned imports of Russian oil, a crucial source of revenue after the country was effectively frozen out of Western financial markets.
But if need be the United States was willing to move ahead without allies in Europe, two people familiar with the matter told Reuters. Many countries on the continent are heavily reliant on Russian energy.Ukrainian Foreign Minister Dmytro Kuleba on Monday said Ukraine wanted direct talks between President Volodymyr Zelenskiy and Russia's Vladimir Putin because Kyiv knows Putin is the person calling the shots in Moscow.
"Every parliamentarian wants to hear directly from the president, who will be speaking to us live from Ukraine, so this is an important opportunity for the House," Commons Speaker Lindsay Hoyle said in a statement.Russia expects another round of talks with Ukraine to take place in the very near future, a negotiator said on Monday after a round of inconclusive talks in Belarus.
He said"intensive" consultations had continued on the main issues of securing a ceasefire in fighting in Ukraine.
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