Novak Warns of Catastrophic Spring of Imposing European Sanctions on Russian oil

Russian Deputy Prime Minister Alexander Novak warned of the repercussions of the European Union (EU) imposing sanctions on the import of Russian oil, stressing that oil prices would jump to the level of $300 a barrel.

Novak's statement came during a meeting held today, Monday, with representatives of the "United Russia" party, where the situation in the Russian fuel market was discussed.

Novak said that if the West rejects Russian oil, prices will jump to $300 a barrel, while some see the possibility of rising to $500 a barrel.”

The Financial Times, a UK daily newspaper, reported last week that Russia accounts for about 40% of natural gas imports into the European Union, and about a third of crude oil imports.

The United Kingdom (UK) and the United States of America (USA) depend on Russia to a much lesser extent, and Russia's share in the total volume of oil imported by the Kingdom is about 8%.