“It is quite obvious that the refusal to buy Russian oil will have catastrophic consequences for the world market,” Russian Deputy Prime Minister for Energy Alexander Novak said.
“The price increase could be unpredictable and reach more than $300 a barrel or more,” he was quoted as saying by Russian news agencies.
According to Novak, it is impossible to quickly replace Russian oil for the European market with an alternative source.
“It will take several years and it will be much more expensive for European consumers, who will be the main victims of this scenario,” he warned.
The price of a barrel of Brent crude from the North Sea touched $140 on Sunday, close to its all-time high of $147.50 reached in July 2008.
Novak’s remarks come as the United States and the EU discuss imposing sanctions on Russian oil and gas in retaliation for Russia’s military intervention in Ukraine, part of a series of harsh economic sanctions against Moscow in recent years. days.
Joe Biden still hasn’t made a decision
US President Joe Biden has “not made a decision yet” on an eventual embargo on Russian oil and gas in response to the invasion of Ukraine, his spokesman, Jen Psaki, said on Monday.
The spokeswoman indicated that the issue was addressed on Monday in a conversation between Biden and the leaders of Germany, France and the United Kingdom, and highlighted: “We have different capabilities and possibilities.”
Germany in particular opposes any embargo on Russian gas, on which it is heavily dependent, while the United States imports little Russian crude.
With information from AFP.