By YANGE IKYAA
Russia’s Deputy Prime Minister, Alexander Novak, has warned that if the United States and the European Union were to ban imports of oil from Russia, oil would move to $300 per barrel.
As the Russia-Ukraine war rages, Brent prices are already trading near $130 per barrel.
US President, Joe Biden’s announcement of a ban on Russian energy imports, including oil, coal, and LNG, has only added to the upward pressure in oil markets.
While European powers have made it clear they will not ban Russian energy imports, European natural gas prices are already at an all-time high, dragging coal along to unprecedented levels as well. Yet, with hopes of a quick Iranian deal cooling, there is no sign of relief for the current oil price rally.
In a Tuesday speech, President Biden confirmed that the United States would ban Russian energy imports. The US leader, however, explained that European allies of the US will not be joining the world superpower in its latest but strict measure due to their relative lack of energy security. Even at that, oil and gasoline prices both climbed on the news.
