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If western countries give up oil from Russia, global fuel prices could soar to as much as $300 a barrel, Russian Deputy Prime Minister Alexander Novak said on Monday.
“Oil prices will typically be $300, some say even $500‘ confirmed the senior official, quoted by local media.
Novak also stressed that Moscow is studying oil supply diversification. “Oil in general is not a pipeline. In general, these are oil tankers that can be shipped to other regions,” he said.
He pointed that out Companies are already creating systems and logistics chainswhile the authorities themselves calculate “the most difficult scenarios.
Regarding the U.S. and U.K. decision to refuse Russian oil imports, the official noted that it would have little impact on Russia, given the small supply volumes to those countries.
Novak also detailed this One response to Washington’s ban on buying Russian oil could be to freeze uranium exports to the North American country..
This Monday, the price of a barrel of Brent crude for May delivery rose more than 6% on London’s ICE futures market to settle at $114.82 by 14:15 GMT.
Meanwhile, the foreign and defense ministers of the European Union are evaluating this Monday the possibility of imposing new sanctions on Russia and to provide more financial support to Ukraine for the purchase of war material.
The council meeting could lead to the formation of another package of measures against Moscow in retaliation for the military operation on Ukrainian territory that began on February 24, with which Moscow wants to eliminate all options and stifle its economy.
The offer could also round out the proposal allocate an additional EUR 500 million for the purchase of military equipment for Ukraine.
The bloc has already offered a similar amount with the same objective from the European Peace Support Fund outside the Community budget.
(With information from Prensa Latina and Russia Today)