Russia warns West of $300 per barrel oil

A senior minister in the Russian Government, On Monday, informed that if Governments around the world continue to threaten Russia to cut energy ties, the price of Crude Oil could rise as high as $130 per barrel in these countries. Also, this would result in the closure of the main Russia-Germany gas pipeline. Yesterday, Antony Blinken, U.S. Secretary of State announced that the United States and its allies are considering cutting import ties with Russia. After this announcement, the prices of Oil surged dramatically and reached the highest level since 2008. Alexander Novak, Russian Deputy Prime Minister in his statement said: "It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market. The surge in prices would be unpredictable. It would be $300 per barrel if not more.” He also told that Russia fulfills around 40% of Europe’s gas demand. He further added: "If you want to reject energy supplies from Russia, go ahead. We are ready for it. We know where we could redirect the volumes to. European politicians need to honestly warn their citizens and consumers what to expect. In connection with ... the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline."