Moscow has warned that it might close off its main gas pipeline to Germany if the West follows through on threats to ban Russian crude oil.
The BBC reports that Deputy Prime Minister Alexander Novak said such a move would lead to ‘catastrophic consequences’ for global supply, and lead to the oil price doubling to $300 a barrel.
The warning comes against the background efforts by the United States to explore with allies a potential ban on Russian oil, as a way of punishing Moscow for the invasion of Ukraine.
While Germany and the Netherlands rejected the plan on Monday, the Financial Times reported late yesterday that, according to a White House official, US President Joe Biden was set to announce a ban on imports of Russian oil into the country.
The BBC reports that the European Union gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.
Novak reportedly said Russia had every right to retaliate, and pointed to Germany’s decision last month to block certification for the second Nord Stream pipeline between the two countries.
[Image: https://pixabay.com/photos/industry-sunset-fossil-fuel-3197398/]