Russia warned of $300-a-barrel oil and threatened to cut off gas supply to Europe amid sweeping Western sanctions over the invasion of Ukraine.
Russia's Deputy Prime Minister Alexander Novak said oil would surge to $300 a barrel if Western governments ban Russian oil.Russian deputy prime minister Alexander Novak threatened to cut off gas supply to Europe via Nord Stream 1.
"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 — who also oversees energy affairs — said on state television on Monday, according to atranslation."The surge in prices would be unpredictable. It would be $300 per barrel if not more."
In particular, the Nord Stream 1 pipeline transports natural gas from Russia to Germany — Europe's largest economy.for a second pipeline, the Nord Stream 2, after Russia sent troops into Ukraine — a development Russia is taking issue with.