The current situation of Ukraine-Russia is now becoming a global crisis which will result in massive hazards for countries of the world that import oil from Russia. Banning oil supplies from Russia will send prices to unprecedented records, also will be catastrophic for the global market warns Russia. 

If the sanctions against Russia keep going including banning Russian oil from the market would make the energy prices skyrocket. Probably the price will rise to over $300 per barrel of oil.

Russia’s deputy prime minister, Aleksandr Novak, talked about it adding that Russia is not dependent on the West and can “reroute” its supplies elsewhere. 

Novak added, ‘The European officials are once again seeking to put all the blame for their recent energy policy shortfalls on Russia. Russia has nothing to do with the current price hike on market volatility.’ 

According to Novak, Russia has been a reliable partner for Europe for many decades and Moscow has been supplying the European nations with roughly 40% of their gas needs for a long time. 

The comments deputy prime minister, Aleksandr Novak, made after in Europe the gas prices has hit record highs of almost $3,900 per 1,000 cubic meters while the price of Brent crude oil surpassed $130 per barrel for the first time in a decade.

He also criticized Germany’s decision to freeze certification of the Nord Stream 2 gas pipeline project. In support of his argument, he mentioned that Moscow has a “full right” to stop supplying gas via Nord Stream 1 pipeline, which has not been targeted by Western sanctions. 

Novak said, ‘Russia is not that dependent on the West and knows where to reroute its supplies if needed. Still, Moscow will not take reciprocal measures against Europe in this case.’ 

Earlier this week the gas price in Germany was reduced to $2,700 per cubic meter following the statement of German Chancellor Olaf Scholz. Olaf admitted that Germany would not be able to replace Russian gas supplies any time soon. He also doesn’t approve of the sanctions and expressed his opposition to any of them that target Russia’s essential oil and gas industry.

The giant Russian energy plant Gazprom still uses the Ukrainian gas transit system “as normal” despite the conflict between Moscow and Kiev. 

Gazprom confirmed it too saying it will be sticking to its commitments under the contracts and deals with foreign customers regardless of the situation with Ukraine.