Russia has threatened to cut off gas supplies. The country says major gas pipelines in Germany will be cut off if Western nations impose sanctions on their oil. News from the BBC.
Russian Deputy Prime Minister Alexander Novak has said that the rejection of Russian oil would lead to a catastrophe in the global market. As a result, oil prices will double to 300 a barrel.
Russia supplies about 40 percent of Europe’s gas and 30 percent of its oil. So if the supply of oil and gas with Russia is cut off, it will not be so easy to get it immediately from any alternative country. The European Union has drawn up a draft plan to reduce Russia’s dependence on energy.