Russia to reduce gas supplies if continued with Russian oil ban

Deputy Prime Minister Alexander Novak has said that “Russian oil rejection would lead to catastrophic consequences for the global market”, causing prices to double to $300 per barrel.

The US has planned possible detention with allies as a way to punish Russia for its invasion in Ukraine.

But Germany and the Netherlands rejected the plan Monday.

The EU receives about 40% of its gas and 30% of its oil from Russia and has no easy replacement if supplies are interrupted.

While Britain would not be directly affected by the supply cuts, as it imports less than 5% of its gas from Russia, it would be affected by rising prices on global markets as demand increases in Europe.