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Russia Threatens To Stop Oil Supply To Europe

After the attack on Ukraine, the US and European countries are imposing strict sanctions against Russia. Russia’s deputy prime minister threatened to cut gas supplies to Europe over these sanctions. Currently, Russia is one of the major exporters of oil and gas.

Russia’s crude oil imports banned

Since waging war against Ukraine, Russia has been facing severe economic sanctions from the US and Western countries. After ousting SWIFT and imposing sanctions on many banks, the US has hinted at banning Russian oil and gas in the past. After this, Russia reacted sharply on Monday and threatened to stop the gas supply to Europe. Along with this, Russia warned Western countries that it can reach crude oil beyond $ 300 per barrel.

Read More: Petrol And Diesel Prices Will Be Expensive By Up To Rs 15

There is currently no substitute for Russian oil

Alexander Novak said it would not be “impossible” to quickly replace Russian oil in the European market. This would take more than a year and would be too expensive for European consumers. Nowak said that “European politicians should honestly warn their citizens, consumers, what awaits them. Prices for electricity at gas stations, for heating, will skyrocket.”

US Secretary of State made this remark

Nowak said that talks of sanctions on Russian oil “create instability and cause great harm to consumers.” He added that in retaliation for the halt on the Nord Stream 2 pipeline project, Russia may stop supplies through the Nord Stream 1 pipeline. Nowak said, “We haven’t made that decision yet. No one will benefit from this. However, European politicians are pushing us over it with their statements and accusations against Russia.

Russia is the largest producer of crude oil

If Russia does not stop the war with Ukraine, then the price of crude oil may increase further, which will increase India’s trouble. In fact, Russia is one of the largest oil-producing countries in the world. Russia supplies crude oil to Europe for 35 to 40 percent of its total consumption. India also buys crude oil from Russia. In the 10 barrels of oil supply in the world, one dollar comes from Russia. In such a situation, due to disruption in the supply of crude oil, the prices may increase further. At present, there is no buyer of 66 percent of Russia’s crude.

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