Russia threatens to cut Europe’s gas supplies
Russia has threatened to cut gas supplies to the West if there is a ban on Russian oil imports.
Russia is currently the world’s third-largest oil producer.
It supplies the EU with 40% of its gas and 30% of its oil.
There have been repeated calls for the West to cease its use of Russian gas and oil amid the ongoing war in Ukraine.
But the nation’s Deputy Prime Minister Alexander Novak has warned that “a rejection of Russian oil would lead to catastrophic consequences for the global market.”
He has previously threatened to raise oil prices to $300 a barrel if the US and its allies banned imports of Russian oil.
Fuel prices in the UK have already hit a record high as a result of the invasion.
Prime Minister Boris Johnson called for the world to “move away as fast as possible” from a reliance on Russian energy supplies.
Only 2.3% of UK gas currently comes from Russia.
He added that although the UK could quickly move away from Russian hydrocarbons, he understands that there will be a “step-by-step transition period” while other countries find substitutes.
Updates to follow.
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