In a warning that would burn holes in global economies, Russian Deputy Prime Minister said crude oil could surge to $300/bbl if western forces implemented a ban on Russian fuel.
In a televised broadcast Deputy Prime Minister Alexander Novak said "Rejection of Russian oil would lead to catastrophic consequences for the global market.. The surge in prices would be unpredictable. It would be $300 per barrel if not more."
Crude oil prices surged to their highest levels since 2008 after U.S. Secretary of State Antony Blinken said western allies were considering banning oil imports from Russia in response to its invasion of Ukraine.