Deputy Prime Minister Alexander Novak has warned that oil prices could rise above $300 a barrel if the United States and European Union ban Russian oil imports.
The statement was made on Monday night (7), before US President Joe Biden announced the measure, as did the United Kingdom.
Novak also said that Europe would take more than a year to recover the volume of oil it receives from Russia, the world’s second largest producer, and that it would have to pay higher prices.
“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Novak said in a video statement broadcast on state television. “The rise in prices would be unpredictable. It would be $300 a barrel, if not more.”
The US decision to ban the import of oil, natural gas and coal from Russia is yet another attempt to impact the Russian economy due to the war in Ukraine.
Biden stated that the decision was taken after consulting allies, such as European Union countries – which did not adhere to the ban -, and he understands that this move can increase the price of fuel in the world, including in the US.
US House Speaker Nancy Pelosi said the ban announced by Joe Biden shows “the strength and determination of the United States to hold Putin accountable for his premeditated and unprovoked war against Ukraine”. She informed that the measure will be voted on.
This Tuesday the Petroleum around US$ 130 with the announcement of a ban on imports of the Russian commodity by the United States and the United Kingdom.
You prices have been climbing since the Russia invaded Ukraine. There are analysts who are already talking about a barrel at US$ 200.
The commodity price has reached its highest level since 2008 on Monday (7), at US$ 139.13 for Brent, traded in London, when western countries began to consider an embargo on oil from Russia.
The minister also considered the closing of the main gas pipeline between Russia and Germany as a harmful effect on Western countries. He recalled that the country accounts for 40% of the gas used in Europe and that it was fully complying with the contracts. However, he reinforced his intention to take reprisals against the European Union after the Germans last month suspended the certification of the Nord Stream 2 pipeline.
Source: CNN Brasil
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