Breaking News: Russia warns West of $300 per barrel oil | Joe Biden | UK | Germany | Hungary | EU

Breaking News: Russia warns West of $300 per barrel oil | Joe Biden | Boris Johnson | Germany | Hungary | EU | 8th March 2022
Russia warns West of $300 per barrel oil, cuts to EU gas supply
DUBLIN: Western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, a senior minister said on Monday.

Oil prices spiked to their highest levels since 2008 on Monday after U.S. Secretary of State Antony Blinken said Washington and European allies were considering banning Russian oil imports.

“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 $300 per 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.”

Novak said Russia, which supplies 40% of Europe’s gas, was fulfilling its obligations in full but that it would be entirely within its rights to retaliate against the European Union after Germany last month froze the certification of the Nord Stream 2 gas pipeline.

“In connection with the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” Novak said.

“So far we are not taking such a decision,” he said. “But European politicians with their statements and accusations against Russia push us towards that.”
____________________________________________
U.S. Weighs Russian Oil Ban as Gas Prices Surge and Ukraine War Grows
Global stocks dipped on Monday as U.S. officials discussed an oil cutoff, and gas prices hit a national average above $4, up more than 10 percent in a week.
WASHINGTON — President Biden came under pressure on Monday to ban Russian oil imports into the United States, forcing the administration to consider action that could further punish President Vladimir V. Putin of Russia but exacerbate high gas prices that are hurting consumers at home.

On Monday, a bipartisan group of American lawmakers agreed to move ahead with legislation that would ban Russian energy imports in the United States and suspend normal trade relations with Russia and Belarus. Some European countries, which are highly dependent on Russian energy, have expressed a willingness to reduce their reliance on those imports.

Jen Psaki, the White House press secretary, said that “no decision has been made at this point by the president about a ban on importing oil from Russia,” adding that discussions were “ongoing internally” and with European allies.

“I would note what the president is most focused on is ensuring we are continuing to take steps to deliver punishing economic consequences while taking all actions necessary to limit the impact of prices at the gas pump,” she said.

Global stocks slid on Monday amid worries of an oil ban and escalating Russian attacks on Ukraine. It was Wall Street’s worst day in more than a year.

The S&P 500 fell 3 percent, its sharpest daily decline since October 2020. The Nasdaq composite dropped 3.6 percent and is now 20 percent off its November record, entering territory known on Wall Street as a bear market, denoting a serious downturn.
Visit our Website for More Latest Update - https://www.geo.tv/

Watch Geo News LiveStream: https://www.youtube.com/watch?v=HrrpR...