Russia threatened to shut its most important fuel line to Germany, late Monday, if Western nations ban Russian oil imports.
In an tackle on Russian state tv, Alexander Novak, Deputy Prime Minister of the Russian Federation, warned that the “rejection of Russian oil would result in catastrophic penalties for the worldwide market,” suggesting the worth per barrel might double to $300, BBC reported.
Given the European Union will get 40% of its fuel and 30% of its oil from Russia, Novak asserted it might be “inconceivable to shortly discover a alternative for Russian oil on the European market.”
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“It’ll take years, and it’ll nonetheless be far more costly for European shoppers,” he warned, based on the BBC. “In the end, they are going to be damage the worst by this consequence.”
“In reference to unfounded accusations towards Russia concerning the vitality disaster in Europe and the imposition of a ban on Nord Stream 2,” he mentioned, based on Reuters. “We have now each proper to take an identical determination and impose an embargo on fuel pumping by way of the Nord Stream 1 fuel pipeline.”
“However to date we aren’t taking such a choice,” Novak added.
President Biden on Tuesday is anticipated to announce a U.S. embargo on Russia oil and fuel, FOX Enterprise confirmed. He’s to make the remarks on the White Home asserting, “actions to proceed to carry Russia accountable for its unprovoked and unjustified warfare on Ukraine.”
Ukrainian President Volodymyr Zelenskyy on Monday had referred to as for “boycotts” on Russian oil imports.
However even with the U.S. on board, it’s unclear if European allies and companions will observe swimsuit.
On Monday, Germany and the Netherland rejected plans for an embargo, BBC reported.
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German Chancellor Olaf Scholz asserted on Monday that Russian oil and fuel stay of “important significance” to the European economic system. Final month, Germany pulled the plug on an $11 billion Nord Stream 2 pipeline undertaking, as European Union officers has mentioned they have been engaged on a plan to chop the blocs’ Russian gasoline imports by 80% this yr, Bloomberg reported.
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Biden administration officers have acknowledged the U.S. has completely different capacities and capabilities of mitigating the impacts of a lack of Russian oil provide in comparison with European allies and companions.
On Sunday, Secretary of State Antony Blinken had mentioned the U.S. was working with European allies “in a coordinated method, on the prospect of banning the import of Russian oil, whereas ensuring there may be nonetheless an acceptable provide of oil on world markets.”
FOX Enterprise’ Brooke Singman contributed to this report.