Russia-Ukraine Conflict
Russia threatens to cut gas supplies if oil ban goes ahead
Moscow: Russia has threatened to close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil, BBC reported on Tuesday.
Deputy Prime Minister Alexander Novak warned that a "rejection of Russian oil would lead to catastrophic consequences for the global market", causing prices to more than double to $300 a barrel.
The US and its allies have been mulling over the question of banning oil imports from Russia in a bid to punish the latter for its invasion of Ukraine. However, Germany and the Netherlands rejected the plan on Monday.
The EU gets about 40 per cent of its gas and 30 per cent of its oil from Russia, and does not have alternative supply sources if supplies are disrupted.
Novak said it would be "impossible to quickly find a replacement for Russian oil on the European market" warning that even if they did find other sources it will be mightily expensive for the European consumers.
Russia is the world's top producer of natural gas and second biggest producer of crude oil. Ukraine has been pressing the West to adopt such a ban, but there are concerns it could send oil prices soaring.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
