Consequences on Ditching Russian Oil - Moscow

Aleksandr Novak, Russia's deputy prime minister, noted the consequence that the removal of Russian oil from the market will bring, starting for the rise in energy prices, with a foreseen of over $300 per barrel of oil.

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The Deputy PM added that Russia is not dependent on the West and can "reroute" its supplies elsewhere. Novak said to journalists that European officials are "once again seeking to put all the blame for their recent energy policy shortfalls on Russia," pointing out that "Russia has nothing to do with the current price hike on market volatility."

Novak remarked that for European countries, Russia had been a "reliable partner" for many decades, supplying the European nations with roughly 40 percent of their gas needs. His comments came following the rising of gas prices in Europe, reaching a record of almost 3 900 dollars per 1 000 cubic meters, while for the first time in a decade, crude oil surpassed 130 dollars per barrel.

The official condemned Germany's move to suspend the certification process of the Nord Stream 2 gas pipeline project, adding that Moscow has a "full right" to stop supplying gas via the Nord Stream 1 pipeline, which has not been targeted yet by the package of sanctions imposed to Russia.

Russian Deputy Prime Minister Aleksandr Novak stated that an embargo on Russian oil would cause a "disaster" in the markets. Novak said that the oil price per barrel could rise above 300 dollars.

On Monday, Olaf Scholz, German Chancellor, disclosed that his country would not be able to replace Russian gas supplies anytime soon. He said he would oppose any sanctions targeting Russia's "essential" oil and gas industry.