The Russian government has warned that oil prices for the West might surpass $300 per barrel, resulting in a shortage of gas. There will be difficulty getting enough gas from other sources when the Russia-Germany gas pipeline project shuts down.
The West is considering cutting off Russia’s energy supplies due to military aggression against Ukraine, according to Russian Deputy Prime Minister Alexander Novak on Monday. As a result, global oil prices spiked, reaching $139 per barrel, the highest level since 2008.
A ban on Russian oil imports could have consequences for the global market, according to Novak.
According to a deputy prime minister in Russia, oil prices could reach $300 per barrel if they continue to rise. An increase of this magnitude would be unmanageable and could have serious consequences for the economy.
A ban on Russian oil imports from the European Union and United States is ready, he said. As a result of a ban, he knows the markets where oil destined for Europe will be redirected.
Europeans must replace the amount of Russian oil they receive within one year in order to avoid paying exorbitant prices. To make sure that their citizens are aware of this potential problem, politicians on the continent need to think rationally and honestly about the potential detrimental impact of cutting off energy supplies with Russia.