The price of oil, at its highest level since 2008 0:58
(Reuters) --
Western countries could face oil prices above $300 a barrel and the possible closure of the main gas pipeline between Russia and Germany if governments follow through on threats to cut off energy supplies from Russia, the Monday a high minister.
Oil prices hit their highest levels since 2008 on Monday after US Secretary of State Antony Blinken said Washington and its European allies were considering banning Russian oil imports.
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"It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market," Russian Deputy Prime Minister Alexander Novak said in a statement on state television.
"The increase in prices would be unpredictable. It would be $300 a barrel, if not more."
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Novak said it would take Europe more than a year to replace the volume of oil it receives from Russia and would have to pay significantly higher prices.
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"European politicians have to honestly warn their citizens and consumers of what to expect," Novak said.
"If they want to reject energy supply from Russia, go ahead. We are ready for it. We know where we can redirect the volumes."
Novak said Russia, which supplies 40% of Europe's gas, was fulfilling its obligations in full, but that it would be within its rights to retaliate against the European Union after Germany last month froze the certification of the Nord gas pipeline. Stream 2.
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"Regarding ... the imposition of a ban on Nord Stream 2, we have every right to make a matching decision and impose an embargo on pumping gas through the Nord Stream 1 pipeline," Novak said.
"So far we are not making that decision," he said.
"But European politicians with their statements and accusations against Russia are pushing us to do so."
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