Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Tue, 08 Mar 2022 10:03 AM IST
Summary
Russia Says Oil Prices Will Hit $300: Russia’s Deputy Prime Minister Alexander Novak warned on Monday that sanctions on Russian oil imports would have disastrous consequences. His remarks come in the midst of discussions that are being discussed by the US and Europe to consider imposing import sanctions on Russia.
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Expansion
There will be an outcry in the global markets
Responding to remarks by Russian news agencies, Novak said the sanctions on Russian oil would cripple global markets and lead to an unexpected rise in international crude oil prices. He said that the price of crude oil can also reach beyond $ 300 per barrel. Nowak said that it is impossible to substitute Russian oil in the European market. If this process is adopted, it will take more than a year and by then it will be too expensive for European consumers.
European politicians’ advice
Nowak said European politicians should honestly warn their citizens about this. He further said that the issue of sanctions on Russian oil is definitely destabilizing and important for consumers as they are going to be burdened the most. He said that in exchange for a halt on the Nord Stream 2 pipeline project, Russia could also stop supplies through the Nord Stream 1 pipeline. However, we have not decided on it yet. “European politicians are forcing us to do this through their statements and accusations against Russia,” he said.