The price of oil could exceed $300 a barrel if the US and the European Union banned imports from Russia, Russian Deputy Prime Minister Alexander Novak warned.

“It is absolutely clear that the banning of Russian oil would have catastrophic consequences for the world market,” Novak said in a videotaped statement broadcast on state television.

“The price increase would be unpredictable. It would reach $300 a barrel, if not more,” added the deputy prime minister, who is in charge of energy.

Russia “knows” where to sell its oil if Europe and the United States reject it, he warned.

Europe, he continued, is pushing Russia for an embargo on gas supplies via the Nord Stream 1 pipeline, but “we are not making that decision yet. No one would benefit from such an embargo, he added, noting that it would take more than a year for Europe to replace Russian gas supplies.

also read

European survey: Who should defend Ukraine? EU, NATO, or countries? (infographic)