Russia threatens European gas ban

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

The United States and their allies are considering the possible Russian oil ban as a punishment measure for Russia, due to Ukraine's invasion.

But Germany and the Netherlands rejected the plan Monday.

The European Union gets about 40% of gas and 30% of oil from Russia and has no easy replacement if supplies are interrupted.

In a speech on Russian state television, Novak said “would be impossible to find soon a replacement for Russian oil on the European market”.

“will take years and will be much more expensive for European consumers. They will be worst damaged by this” scenario, he said.

Russia is the world's largest natural gas producer and the second largest producer of crude oil.

Any action that sanctions its energy industry would badly damage its economy.

The price of crude oil Brant, used as an international reference point, rose by 3.7% on Tuesday, to more than $1 127 per barrel in the Asia trade, respectively. / REL