“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 surge in prices would be unpredictable. It would be $US300 perxjmtzyw barrel if not more.”
Novak said it would take Europe more than a year to replace the volume of oil it receives from Russia and it would have to pay significantly higher prices.
“European politicians need to honestly warn their citizens and consumers what to expect,” Novak said.
“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.”
