Gasoline prices are seen above $6 per gallon at a filling station in San Francisco
Highlight
- Removing Russian oil from the market will skyrocket oil prices to $300 a barrel: Russia’s deputy prime minister
- He said Russia was not dependent on the West and could divert its supplies elsewhere.
- Moscow has “absolute right” to stop gas supply through Nord Stream 1 pipeline: Moscow slams Germany.
Russia’s Deputy Prime Minister Alexander Novak has said removing Russian oil from the market would push energy prices above $300 a barrel, adding that Russia is not dependent on the West and can supply it elsewhere.
European officials are “once again seeking to put all the blame on Russia for its recent lack of energy policy”, Novak told reporters, adding that “Russia has nothing to do with the current price hike on market volatility.” “, RT reported.
Nowak said Russia has been a “trusted partner” for Europe for several decades, adding that Moscow is supplying European countries with about 40 percent of their gas. The deputy prime minister made his remarks after gas prices in Europe hit a record high of nearly $3,900 per 1,000 cubic meters, while the price of Brent crude rose above $130 a barrel for the first time in a decade.
The Deputy Prime Minister also rejected Germany’s decision to freeze certification of the Nord Stream 2 gas pipeline project, arguing that Moscow has an “absolute right” to stop gas supplies through the Nord Stream 1 pipeline, which is being called the Western Union. Not targeted by sanctions.
Russia is not so dependent on the West and “knows” its supplies when needed. Nevertheless, Moscow will not take reciprocal measures against Europe in this matter, he said.
Earlier on Monday, German Chancellor Olaf Scholz acknowledged that his country would not be able to replace Russian gas supplies anytime soon and expressed his opposition to any sanctions targeting Russia’s “essential” oil and gas industry. . Following his statements, the price of gas dropped to $2,700 per cubic metre.
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