The European Union (EU) has imposed a ban on oil imports from Russia over the Russia-Ukraine war. Russia has said it will cut off gas supplies to Europe if the embargo is extended. Russia’s main pipeline with Germany in particular has been warned to close.
Russia’s Deputy Prime Minister Alexander Novak has said,”Continuing to impose sanctions on Russia’s oil imports could lead to a catastrophe in the global market, especially if the price of fuel oil exceeds 300 a barrel.”
Although almost all EU countries have imposed sanctions on Russia, Germany and the Netherlands have avoided sanctions. However, the idea is that the United States can also walk the path of the EU.
Russia supplies 40 percent of Europe’s gas and 30 percent of its oil. The sudden onset of sanctions is affecting Europe as well as Russia.
“Right now Europe has no choice. If we look for alternatives to Russia, the years of Europe will pass. And importing oil and gas from anywhere other than Russia would be expensive for them,” Novak said on Russia’s state television.