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Russia Threatens to Cut Europe’s Gas Supplies if West Bans Energy Imports
8 Mar 2022 22:19
Islam Times - Russia has threatened to cut its oil supplies to Europe, after the US pushed its European allies to consider banning Russian oil imports over the ongoing military conflict in Ukraine.
Russian deputy prime minister Alexander Novak said on Tuesday that any move to ban the country’s gas supplies would result in oil prices more than doubling to about $300 per barrel.
“A rejection of Russian oil would lead to catastrophic consequences for the global market, ” he said.
Citing Germany’s decision last month to halt the certification of Nord Stream 2, Novak said Moscow had “every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.”
He said that “it will take years” for Europe to find a replacement for Russian oil. “European politicians need to honestly warn their citizens and consumers what to expect,” he added.
Two weeks ago, Russian President Vladimir Putin ordered a military campaign in Ukraine over concerns about NATO’s military activities close to its borders. The war has already sent oil prices to their highest levels since 2008 on Tuesday, with Brent crude futures reaching as high as $125.19 a barrel.
Analysts at Bank of America have also said prices could reach $200 a barrel if most of Russia’s exports were cut off.
Despite the West’s heavy sanctions on Russia, Europe has so far been cautious about extending the sanctions regime to oil and gas, due to its vulnerability to a loss of energy supplies. Russia supplies about 40% of Europe’s gas.
Story Code: 982819
Islam Times
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