Ditching Russian oil will be “catastrophic” for global markets, Moscow warns
March 8, 2022- 9:30 a.m.
Ditching Russian oil will be “catastrophic” for global markets, Moscow warns
Removing Russian oil from the market would make energy prices skyrocket to over $300 per barrel of oil, Russia’s deputy prime minister said Monday.
Russia has been a “reliable partner” for Europe for many decades, Alexander Novak said, adding that Moscow has been supplying European nations with roughly 40% of their gas needs.
The deputy PM argued that Moscow has a “full right” to stop supplying gas via Nord Stream 1 pipeline, which has not been targeted by Western sanctions.
Adding, Russia is not that dependent on the West and “knows where to reroute” its supplies if needed.
