Russia warns that the veto of its oil for the war would shoot the price to 300 dollars per barrel

The Russian deputy prime minister, Alexandr Novak, warned on Monday that the renunciation of Russian oil, which is being debated in the European Union as a possible retaliation for the Russian military campaign in Ukrainewould raise fuel prices to $300 a barrel, with the possibility of a further increase.

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“If there is a waiver (on Russian crude), prices will go up to about $300, and some believe up to $500”Novak told reporters.

Novak However, he believed that it is currently impossible to renounce Russian hydrocarbons, but “these statements are made because they are important for politicians.”

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“In any case, we will try to expand supplies to the growing market in the Asia-Pacific region”he said quoted by the Interfax agency.

On March 9, the United States and the United Kingdom announced the veto of oil imports from Russiain rejection of the Russian military campaign in Ukraine.

According to the head of the diplomacy of the Twenty-seven, Josep Borrell, The foreign ministers of the European Union are scheduled to examine today sanctions against Russia’s oil sector for its “special military operation” in Ukraine.

The Kremlin warned hours before that a European embargo on Russian oil imports would seriously worsen the energy market in Europe and “hit everyone”.

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Source: Elcomercio

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