A Russian official has warned that the move by the Western powers to ban oil imports would have catastrophic results. If the ban becomes a reality, Russia will double the amount for a barrel to $300 which is R4 594.91. Russia will also cut the main gas pipeline from Russia to Germany.
The threats to move away from importing Russian oil comes in the wake of the continued Russian shelling in Ukraine. More than 1.7 million Ukrainian people have now been displaced because of the invasion and the sanctions are taking a toll on the Russian economy.
In a statement on state television on Monday Alexander Novak, the Russian deputy prime minister, said, “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market.”
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Novak warned that if the European countries ban Russian oil and gas, they will end up paying way more and it would take up to a year for those countries to be stable again. “If you want to reject energy supplies from Russia, go ahead. We are ready for it. We know where we could redirect the volumes.”
Western allies are trying to find a way to mount pressure on Russian president Vladimir Putin and his associates. Olaf Scholz, the German chancellor, warned against the ban of Russian oil and gas saying that Russian imports are very important for the lives of Europeans.
Source: Aljazeera, Reuters, NCBC news, CNN, Image of Alexander Novak from Aljazeera
