Gas prices could top $4,000 per 1,000 cubic meters if Russian imports are banned, according to the former energy minister
The exchange price for gas in Europe at the level of $4,000 per 1,000 cubic meters is not the limit, as the volume at storage facilities is significantly lower than last year, the Russian deputy prime minister and former energy minister, Alexander Novak, said on Wednesday.
According to him, the ban on Russian oil and gas imports could result in a crash of Europe’s energy market.
“It is absolutely obvious that without Russian hydrocarbons, if sanctions are imposed, the gas and oil markets will collapse. The rise in prices for energy resources can be unpredictable,” Novak said.
He pointed out that Washington’s ban on Russian oil and petroleum products has already led to an increase in fuel prices in the US by 19%. At the same time, the share of domestic energy resources in the United States is only 3% of Russian exports.