Russia has threatened to cut off Europe’s gas supplies1 min read
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.