Russia has threatened to retaliate against international sanctions with an embargo on gas exports and warned restricting imports of its oil would see prices surge to $300/b. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “It is absolutely obvious that refusing Russian oil would lead to catastrophic consequences for the global market. The price surge would be unpredictable – to more than $300 per barrel, if not more,” said Russian Deputy Prime Minister Alexander Novak. Novak — Russia’s senior representative at the OPEC+ oil producer cartel — also threatened gas export to Europe in response to the EU steps to reduce dependence on the Kremlin for energy supplies. Russia “has the right” to halt flows of gas through the Nord Stream 1 pipeline feeding Europe, Novak warned. “So far we are not making this decision. No one will benefit from this. Although European politicians are […]