Oil prices could climb to over $300 dollars per barrel if the United States and European Union ban imports of oil from Russia, Deputy Prime Minister Alexander Novak said on Monday.
"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 surge in prices would be unpredictable. It would be $300 per barrel if not more."
He also warned that Russia could cut gas supplies via the Nord Stream 1 pipeline to Germany, but it has not made such a decision yet.
"In connection with unfounded accusations against Russia regarding the energy crisis in Europe and 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.
"But so far we are not taking such a decision," he said.
