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Russia has said it may close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil
![Russia has said it may close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil]()
Deputy Prime Minister Alexander Novak said a "rejection of Russian oil would lead to catastrophic consequences for the global market", causing prices to more than double to $300 a barrel. Russia has said it may close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil
Deputy Prime Minister Alexander Novak said a "rejection of Russian oil would lead to catastrophic consequences for the global market", causing prices to more than double to $300 a barrel.
Russia threatens to cut gas supplies to Europe supplies if oil ban goes ahead
Deputy Prime Minister Alexander Novak said a "rejection of Russian oil would lead to catastrophic consequences for the global market", causing prices to more than double to $300 a barrel.
The US has been exploring a potential ban with allies as a way of punishing Russia for its invasion of Ukraine.
But Germany and the Netherlands rejected the plan on Monday.
The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.
While the UK would not be directly impacted by supply disruption, as it imports less than 5% of its gas from Russia, it would be affected by prices rising in the global markets as demand in Europe increases
