Novak warns of oil, gas market collapse if sanctions imposed on Russian energy

23/03/2022 Argaam

Russian Deputy Prime Minister Alexander Novak

Russian Deputy Prime Minister Alexander Novak said today, March 23, that global oil and natural gas markets could crash and energy prices would shoot up in case of sanctions against Russian energy, Reuters reported. 

 

According to Novak, the ban on the Russia-led Nord Stream 2 gas pipeline to Germany was "absurd and complete misunderstanding" of energy balances, which would, in turn, fuel inflation.  

 

The comments were made after Novak revealed earlier this week that oil prices could hit $300 a barrel should the West go ahead with boycotting Russian crude.  

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