Russia threatens to cut off gas supplies to Europe if the West goes ahead and boycotts Russian oil. Deputy Prime Minister Alexander Novak said.
“That would have catastrophic consequences for the global gas distribution and will double the price of oil,” Novak said. He’s talking about potential prices of $300 a barrel. Now it’s less than half. “We have every right to impose an embargo.”
European leaders will meet on Thursday to discuss a boycott on oil and gas from Russia.
That promises to be no easy matter: the Member States of the European Union get 40% of their gas and 30% of their oil from Russia. If that supply fails, there is no simple emergency solution available.
