Moscow-Sana
Russian Deputy Prime Minister Alexander Novak warned of the repercussions of the European Union imposing sanctions on the import of Russian oil, expecting oil prices to rise to the level of $300 a barrel if that happens.
Novak said during today's meeting with representatives of the United Russia party: Europe's rejection of Russian gas is impossible at the present time, and if it rejects it, prices will jump to 300 dollars per barrel, while some see the possibility of rising to 500 dollars.
Novak pointed out that the impact of the United States and Britain's decision to ban the import of Russian oil and petroleum products on the Russian economy is minimal, given that the supplies of these products from Moscow to the mentioned countries were small.
He said: Russia will diversify oil supplies from west to east as Russian oil companies are working to establish new supply chains to the east.
On the eighth of this month, US President Joe Biden signed a decree banning Americans from energy imports from Russia and new investment in the Russian energy sector, while London announced its intention to phase out Russian hydrocarbons.
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