A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday
A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday, as talks on Ukraine hardly advanced amid efforts to agree on civilian safe passage. Russia’s invasion, the biggest attack on a European state since World War Two, has created 1.7 million refugees, a raft of sanctions on Moscow, and fears of wider conflict in the West unthought-of for decades.
Sieges and the bombing continued as Kyiv rejected possible humanitarian corridors to Russia and Belarus, but said some limited progress had been made on agreeing logistics for the evacuation of civilians. Moscow would give the residents of the Ukrainian cities of Sumy and Mariupol the choice of moving elsewhere in Ukraine on Tuesday, setting a deadline in the early hours for Kyiv to agree, Russian news agencies reported.
Seeking to ratchet up the pressure on Russian President Vladimir Putin, the United States said Washington and its European allies were considering banning Russian oil imports. Oil prices spiked to their highest levels since 2008. “A rejection of Russian oil would lead to catastrophic consequences for the global market,” said Russian Deputy Prime Minister Alexander Novak, saying the price could more than double to over $300 per barrel.
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