Russia threatens: Oil embargo could push prices up to $300
EU foreign ministers are discussing the oil embargo under the fifth package of sanctions against Russia’s invasion of Ukraine. According to Russian Deputy Prime Minister Aleksander Novak, the European Union (EU) embargo on Russian oil could raise the price of a barrel to US$ 300. Moscow has exported 5.7 billion euros of oil to the EU since the beginning of the occupation and has not encountered any difficulties in this area so far.
A short while ago, the United States and Britain decided to embargo Russian oil on March 8. After this decision, brent oil peaked at $ 139.1. According to Novak, the British and US embargo decision did not have much effect on oil prices: “It has little effect because our shipments to these countries were low. We were only shipping 3 percent of all our oil exports to the United States.”
Novak believes however a sanction from the EU could upset the balance of prices and has said “If they take such a step, the price of oil will go up to US$ 300, or even US$ 500, according to some.”
RUSSIA MAY BAN URANIUM SUPPLY TO USA
The Russian politician also noted that the issue of banning the supply of uranium to the United States due to its sanctions on the Russian energy sector was also on their agenda.
