Russia warns the West of raising a barrel of oil to 300$

Russia warns the West of $300 a barrel of oil to reduce gas supplies in the European Union

 On Monday, a senior minister said that Western countries could face oil prices above $300 a barrel and a possible shutdown of the main gas pipeline between Russia and Germany if governments decided to cut energy supplies from Russia.

On Monday, US Secretary of State Anthony Blinken said Washington and European allies were considering a ban on Russian oil imports.

Oil resumes rallying with reports that the White House is banning energy imports from Russia.

"It is obvious that the rejection of Russian oil will lead to serious consequences for the global market," Russian Deputy Prime Minister Alexander Novak said in a statement broadcast on state television.

"The rise in prices will be unexpected. It will be $300 a barrel, if not more."

Novak said it would take Europe more than a year to make up for the volume of oil it was receiving from Russia and would have to pay much higher prices.

"European politicians need to warn their citizens and consumers about what to expect honestly," Novak said.

"If you want to turn down energy supplies from Russia, go ahead. We're ready for that. We know where we can redirect the quantities too."

Novak said that Russia, which supplies Europe with 40% of gas, fully fulfills its obligations. It will be fully entitled to retaliate against the European Union after Germany froze certification of the Nord Stream 2 gas pipeline last month.

"Concerning... a ban on Nord Stream 2, we have every right to make a similar decision and to impose a ban on the pumping of gas through the Nord Stream 1 gas pipeline," Novak said.

"So far, we have not taken such a decision," he said. But European politicians, with their statements and accusations against Russia, are pushing us towards that.

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