{"id":3287,"date":"2022-03-08T07:54:14","date_gmt":"2022-03-08T07:54:14","guid":{"rendered":"https:\/\/taand.com\/en\/?p=3287"},"modified":"2022-03-08T07:56:02","modified_gmt":"2022-03-08T07:56:02","slug":"ukraine-war-russia-says-it-may-cut-gas-supplies-if-oil-ban-goes-ahead","status":"publish","type":"post","link":"https:\/\/taand.net\/en\/?p=3287","title":{"rendered":"Ukraine War: Russia says it may cut gas supplies if oil ban goes ahead"},"content":{"rendered":"<div class=\"ssrcss-vk3nhx-ComponentWrapper e1xue1i810\" data-component=\"image-block\">\n<figure class=\"ssrcss-wpgbih-StyledFigure e34k3c23\"><span style=\"font-weight: 300;\">Prime Minister Alexander Novak said a &#8220;rejection of Russian oil would lead to catastrophic consequences for the global market&#8221;, causing prices to more than double to $300 a barrel.<\/span><\/figure>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">The US has been exploring a potential ban with allies as a way of punishing Russia for its invasion of Ukraine.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">But Germany and the Netherlands rejected the plan on Monday.<\/p>\n<\/div>\n<\/div>\n<div id=\"dotcom-mpu\" class=\"dotcom-ad active\">\n<div class=\"dotcom-ad-inner\">\n<div id=\"dotcom-slot-mpu\" class=\"dotcom-slot\" data-google-query-id=\"CLC7tdn6tfYCFblFHQkdXLQDIA\">\n<div id=\"google_ads_iframe_\/4817\/bbccom.live.site.mobile.news\/news_business_content_3__container__\"><iframe id=\"google_ads_iframe_\/4817\/bbccom.live.site.mobile.news\/news_business_content_3\" tabindex=\"0\" title=\"3rd party ad content\" role=\"region\" name=\"google_ads_iframe_\/4817\/bbccom.live.site.mobile.news\/news_business_content_3\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" aria-label=\"Advertisement\" data-google-container-id=\"4\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<ol>\n<li class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">In an address on Russian state television, Mr Novak said it would be &#8220;impossible to quickly find a replacement for Russian oil on the European market&#8221;.<\/p>\n<\/div>\n<\/div>\n<div id=\"piano-inline1\"><\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">&#8220;It will take years, and it will still be much more expensive for European consumers. Ultimately, they will be hurt the worst by this outcome,&#8221; he said.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Pointing to Germany&#8217;s decision last month to freeze certification of Nord Stream 2, a new gas pipeline connecting the two countries, he added that an oil embargo could prompt retaliation.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">&#8220;We have every right to take a matching decision and impose an embargo on gas pumping through the [existing] Nord Stream 1 gas pipeline,&#8221; he said.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Russia is the world&#8217;s top producer of natural gas and second top producer of crude oil, and any move to sanction its energy industry would badly damage its own economy.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Ukraine has implored the West to adopt such a ban, but there are concerns it would send prices soaring. Investor fears of an embargo drove Brent crude oil to $139 (\u00a3106) a barrel at one point on Monday &#8211; its highest level for almost 14 years.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Average UK petrol prices also hit fresh record of 155p a litre.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Brent crude &#8211; the global oil benchmark &#8211; rose by 3.7% to more than $127 a barrel in Asia trade on Tuesday.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-18mjolk-ComponentWrapper e1xue1i810\" data-component=\"image-block\">\n<figure class=\"ssrcss-wpgbih-StyledFigure e34k3c23\">\n<div class=\"ssrcss-ab5fd8-StyledFigureContainer e34k3c21\"><span class=\"ssrcss-tm19a7-Placeholder e16icw910\"><img loading=\"lazy\" decoding=\"async\" class=\"ssrcss-1drmwog-Image ee0ct7c0\" src=\"https:\/\/ichef.bbci.co.uk\/news\/976\/cpsprodpb\/166DC\/production\/_123586819_gettyimages-615371238-1.jpg\" srcset=\"https:\/\/ichef.bbci.co.uk\/news\/240\/cpsprodpb\/166DC\/production\/_123586819_gettyimages-615371238-1.jpg 240w, https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/166DC\/production\/_123586819_gettyimages-615371238-1.jpg 320w, https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/166DC\/production\/_123586819_gettyimages-615371238-1.jpg 480w, https:\/\/ichef.bbci.co.uk\/news\/624\/cpsprodpb\/166DC\/production\/_123586819_gettyimages-615371238-1.jpg 624w, https:\/\/ichef.bbci.co.uk\/news\/800\/cpsprodpb\/166DC\/production\/_123586819_gettyimages-615371238-1.jpg 800w, https:\/\/ichef.bbci.co.uk\/news\/976\/cpsprodpb\/166DC\/production\/_123586819_gettyimages-615371238-1.jpg 976w\" alt=\"Woman at a petrol station\" width=\"976\" height=\"650\" \/><\/span><span class=\"ssrcss-99q1ky-StyledFigureCopyright e34k3c20\" role=\"text\"><span class=\"ssrcss-1f39n02-VisuallyHidden e1y6uwnp0\">IMAGE SOURCE,<\/span>GETTY IMAGES<\/span><\/div><figcaption class=\"ssrcss-mh139p-StyledFigureCaption e34k3c22\"><span class=\"ssrcss-1f39n02-VisuallyHidden e1y6uwnp0\">Image caption,<\/span><\/p>\n<div class=\"ssrcss-1yybcoc-Stack e1y4nx260\">Average UK petrol prices have hit a record 155p a litre<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Quoting unnamed sources, Reuters news agency reported that the US might be willing to move ahead with an embargo without its allies, although it only gets about 3% of its oil from Russia.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">However, on Monday, German Chancellor Olaf Scholz dismissed the idea of a wider ban, saying Europe had &#8220;deliberately exempted&#8221; Russian energy from sanctions because its supply could not be secured &#8220;any other way&#8221; at the moment.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">European powers have, however, committed to move away from Russian hydrocarbons over time, while some Western companies have boycotted Russian shipments or pledged to divest their stakes in Russian energy companies.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Mr Novak said that Russian companies were already feeling the pressure of US and European moves to lower the dependence on Russian energy, despite fulfilling all its contractual obligations to deliver oil and gas to Europe.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-dm4ypg-ComponentWrapper-HeadlineComponentWrapper e1xue1i89\" data-component=\"subheadline-block\">\n<h2 id=\"Enormous-pressure\" class=\"ssrcss-1gsdda0-StyledHeading e1fj1fc10\" tabindex=\"-1\"><span role=\"text\">&#8216;Enormous pressure&#8217;<\/span><\/h2>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">&#8220;We are concerned by the discussion and statements we are seeing regarding a possible embargo on Russian oil and petrochemicals, on phasing them out,&#8221; he said.<\/p>\n<\/div>\n<\/div>\n<div id=\"piano-inline3\"><\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">&#8220;We see our partners, traders, shipping companies, banks and financial institutions coming under enormous pressure.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">His comments came as a third round of peace talks between Ukraine and Russia made little progress in Belarus.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">More than 1.7 million Ukrainians have fled to Central Europe since the conflict began on 24 February, the United Nations refugee agency said on Monday, with over 1 million arriving in neighbouring Poland.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Kremlin spokesman Dmitry Peskov told Reuters that Moscow would halt operations if Ukraine ceased fighting, amended its constitution to declare neutrality, and recognised Russia&#8217;s annexation of Crimea and the independence of regions held by Russian-backed separatists.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">A Ukrainian negotiator said that although small progress on agreeing logistics for the evacuation of civilians had been made, things remained largely unchanged.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i86\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">&#8220;As of now, there are no results that significantly improve the situation,&#8221; Mykhailo Podolyak said<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prime Minister Alexander Novak said a &#8220;rejection of Russian oil would lead to catastrophic consequences for the 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