Russia claims that it may shut down its gas pipeline to Germany if the West continues with the ban on Russian oil. Deputy Prime Minister Alexander Novak stated that a rejection of oil from Russia would cause catastrophic consequences on the global market. This would cause prices of oil to raise to $300 a barrel.
Germany and the Netherlands rejected the US plan to ban Russian oil on Monday. The EU receives approximately 30% of its oil and 40% of its gas from Russia and does not have a viable substitute for these supplies. The UK would not be directly affected, however, the rising prices in the global market would still impact them. Russia is the world’s second largest gas producer and third larges oil exporter, therefore any sanctions on energy would badly damage its economy, however, it would also damage the global market as well.
Read more: War in Ukraine: Russia says it may cut gas supplies if oil ban goes ahead
