IRussia on Monday warned of “catastrophic consequences” for the global market by implementing a Western embargo on Russian oil discussed by Washington and the European Union in response to Russian military intervention in Ukraine.
“It is very clear that Russia’s refusal to buy oil will have catastrophic consequences for the world market,” said Alexandre Novak, Russia’s deputy prime minister for energy. “The rise in prices will be unpredictable and will be $ 300 or more per barrel,” he was quoted as saying by Russian news agencies.
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