Russia has threatened to cut off Europe’s gas supplies
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On Monday, Russia threatened to shut down its major gas pipeline to Germany if the West imposed an embargo on Russian oil.
According to Deputy Prime Minister Alexander Novak, such a move would have “catastrophic consequences” for world supplies and would cause the price of oil to double to $300 per barrel.
As a means of punishing Russia for its invasion of Ukraine, the US has been discussing a potential ban with allies. On Monday, however, Germany and the Netherlands rejected the idea.
The EU obtains over 40% of its gas and 30% of its oil from Russia, and there are no cheap replacements if supplies are stopped.
