Russia has warned that it may close its main gas pipeline to Germany if the West pursues plans to ban oil from the country.
Deputy Prime Minister Alexander Novak said Europe would suffer with their decision to restrict energy imports from Russia because it was impossible to find a replacement quickly in the European market.
It will take years and European consumers will incur more expensive costs due to the restrictions, he added.
Referring to Germany’s decision last month to halt the Nord Stream 2 project, a new gas pipeline linking the two countries, Novak said that oil restrictions could lead to retaliation.
Russia has the right to take the same decision and impose restrictions on gas pumping through the existing Nord Stream 1 gas pipeline.
On Monday, the United States had announced that it was considering restricting Russian oil imports as one of the sanctions due to its attacks on Ukraine.
However, Germany and the Netherlands rejected the plan and Washington was later reportedly ready to act alone.
The European Union (EU) has a high dependence on Russia, where about 40% of its gas and 30% of its oil comes from Moscow. They also have no easy replacement if supply is disrupted.
Meanwhile, Alexander Novak also said that the ban on Russian oil would bring disaster to the global market which pushed prices to more than double to reach $ 300 a barrel.
