Moscow warns of market ‘collapse’ without Russian oil and gas

Russian Deputy Prime Minister Alexander Novak warned Wednesday that a ban on Russian oil and gas imports would drive the world’s energy markets to a “collapse”.

“It is absolutely obvious that without Russian hydrocarbons if sanctions are introduced, there will be a collapse of the oil and gas markets,” Novak told Russia’s lower house, State Duma, as reported by Russian news agencies.

“The rise in energy prices may be unpredictable,” Novak added.

He said the European Union, which is experiencing “a rise in prices and a shortage of energy resources”, halted the Nord Stream 2 gas pipeline under pressure from Washington.