Russia’s deputy prime minister Alexander Novak warns: “A rejection of Russian oil would lead to catastrophic consequences for the global market.”
Russia has warned it could cut its gas supplies to the West if there is a ban on Russian oil imports.
It has said it may stop the flow of gas through pipelines from Russia to Germany in response to Berlin’s decision last month to halt the opening of the new Nord Stream 2 pipeline.
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Deputy prime minister Alexander Novak said: “In connection with unfounded accusations against Russia regarding the energy crisis in Europe and the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.”
“But so far we are not taking such a decision,” he said.
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Read More: Russia threatens to cut Europe’s gas supplies if oil ban goes ahead