Crude oil could reach price levels of more than $300 per barrel in case the West goes ahead with its plan to sanction Russian energy supplies, Moscow warned in a statement on state television.
The ongoing conflict between Ukraine and Russia has pushed up energy prices worldwide, with gasoline prices in the United States soaring to an all-time high on March 8. Critics have blamed the Biden administration’s insistence on diverting away from fossil fuels, a main contributor to the price hike.
Brent crude oil prices breached $139 per barrel in early trade on March 7 due to the possibility of a ban on Russian oil exports as well as delays in the U.S.-Iran deal, which has been further complicated by the war in Ukraine.
Russia is offering foreign companies, seeking to exit the country, fast-tracked bankruptcy options as businesses face increasing challenges from western sanctions imposed as a result of Moscow’s initiation of war against Ukraine.
London has announced its decision to prohibit Russian entities in the aviation and space industries from accessing its insurance market as part of UK’s sanctions against Moscow for invading Ukraine.