Oil warning from Russia: the price of a barrel may exceed $ 300

Russian Deputy Prime Minister Aleksandr Novak said, “The price of a barrel of oil could rise above $ 300” adding that an embargo on Russian oil would cause a “catastrophe” in the markets.”

Novak, speaking to reporters in the capital Moscow, evaluated possible sanctions on Russian oil exports.

Pointing out that an alternative to Russian oil could not be easily found in Europe, Novak said: “It would take more than a year and would be much more expensive for European customers. European politicians should honestly warn their citizens about what awaits them that is prices for gasoline, electricity and heating will skyrocket.”