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Russia warns oil price will hit $300 if West bans energy imports

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Russia has threatened to close a major gas pipeline to Germany and warned that Western countries could face oil prices of over $300 per barrel if the West goes ahead with a ban on its energy exports, CNBC reports.

“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 Monday in an address on state television.

“The surge in prices would be unpredictable. It would be $300 per barrel if not more,” added Novak.

Novak also cited Germany’s decision last month to halt the certification of the highly contentious Nord Stream 2 gas pipeline, saying: “We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.”

“So far, we are not taking such a decision,” Novak said. “But European politicians with their statements and accusations against Russia push us towards that.”

The U.S. has been considering whether to impose a ban on Russia’s oil and gas exports as a way of punishing Moscow. Germany, the Netherlands and the U.K. have appeared to back away from a coordinated Western embargo on Russian energy exports.