Russia says embargoes could push oil price up to $500 a barrel

The Kremlin earlier warned that a European embargo on oil imports would seriously worsen the situation in Europe’s energy market and “hit everyone”. Photo: Petrobras Agency

Russian Deputy Prime Minister Alexandr Novak warned on Monday (21) that the country’s oil waiver, which is being debated within the European Union, would drive oil prices up to around US$300 a barrel ( 1.51 thousand US dollars), with the possibility of even greater increases. According to the representative of the Kremlin, the possible Western retaliation against the invasion of Ukraine by Russia could increase the value of the barrel up to 500 US dollars (2.52 thousand reais).

Novak, in a press conference, assured that it is impossible to give up Russian oil, but that “these statements are made because they are important for politicians”. “In any case, we will try to expand distribution to the recent market of the Asia-Pacific region,” the deputy prime minister said, according to the Russian news agency “Interfax”. On the 9th, the United States and the United Kingdom announced their veto on imports of oil produced by the Russians, in retaliation for the invasion of Ukraine.

According to the head of European diplomacy, Josep Borrell, the foreign ministers of the countries that make up the bloc would today consider sanctions against the Russian oil sector. The Kremlin earlier warned that a European embargo on oil imports would seriously worsen the situation in Europe’s energy market and ‘hit everyone’

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