Russian official warns ban on oil imports would be ‘catastrophic’ for world markets

Russian Deputy Prime Minister Alexander Novak warns about the consequences of a ban on Russian oil imports, as Western allies consider further sanctions on Moscow over Ukraine.

“A ban on Russian oil would lead to catastrophic consequences for the global market. The surge in prices will be unpredictable — more than $300 per barrel, if not more,” Novak says in remarks carried by Russian news agencies.

Motorists queue at a petrol station to fill up with fuel before midnight in Zagreb, on March 7, 2022. Due to the war in Ukraine, fuel prices have started to soar. (DENIS LOVROVIC / AFP)

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