Photo: Zbynek Burival
Russia has announced that the world could see an upsurge in oil prices to $300 per barrel. Furthermore, it might shut off the main gas pipeline to Germany if America stops importing Russian fuels for its attack on Ukraine. Peace negotiations are currently underway Monday after reaching some development.
The attack on Ukraine has been one of the most massive events in European history since the Cold War era. It has forced 1.7 million civilians to escape from their homes, placed a large amount of sanctions against Russia, and caused multiple international brands to cut ties with Moscow.
In the last week, there have been constant attacks by infiltration and outpouring missiles on Ukrainian cities.
According to officials, a bread factory in the town of Makariv in the Kyiv area was hit with an attack from Moscow and caused 13 deaths. However, this information is yet to be verified. Russia has denied accusations of bombing civilian areas.
Looking to maximize the pressure on Russian President Vladimir Putin, the United States said Washington and its European allies were thinking of barring Russia oil imports. Since 2008, this is the highest level in oil prices.
Russian Deputy Prime Minister Alexander Novak said, “A rejection of Russian oil would lead to catastrophic consequences for the global market,” indicating the price could be over two times to $300 a barrel.
US President Joe Biden held a video conference call with France, Germany and Britain leaders to urge their backing for the ban.
But if necessary, the West is prepared to press forward without European allies, according to sources. Many nations on the continent rely heavily upon Russian energy.
Germany halted the Nord Stream 2 gas pipeline certification last month.
“We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” Novak said.