Russia threatens to cut major gas pipeline to Germany if US, European allies ban Russian oil imports
US expected to ban Russian oil imports, but Germany rejected any embargo
Banning Russian oil is 'going to be painful': Fmr. US ambassador to Poland
Former US Ambassador to Poland Georgette Mosbacher joins 'Mornings with Maria' to discuss Volodymyr Zelenskyy's leadership, calls for banning Russian oil and Russia's relentless tirade against Ukraine.
Russia threatened to close its main gas line to Germany, late Monday, if Western nations ban Russian oil imports.
In an address on Russian state television, Alexander Novak, Deputy Prime Minister of the Russian Federation, warned that the "rejection of Russian oil would lead to catastrophic consequences for the global market," suggesting the price per barrel could double to $300, BBC reported.
Given the European Union gets 40% of its gas and 30% of its oil from Russia, Novak asserted it would be "impossible to quickly find a replacement for Russian oil on the European market."
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"It will take years, and it will still be much more expensive for European consumers," he warned, according to the BBC. "Ultimately, they will be hurt the worst by this outcome."
"In connection with unfounded accusations against Russia regarding the energy crisis in Europe and the imposition of a ban on Nord Stream 2," he said, according to Reuters. "We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline."
FILE - Pipes at the landfall facilities of the Nord Stream 2 gas pipeline are pictured in Lubmin, northern Germany, on Feb. 15, 2022. (AP Photo/Michael Sohn, File) (AP Photo/Michael Sohn, File / AP Newsroom)
"But so far we are not taking such a decision," Novak added.
President Biden on Tuesday is expected to announce a U.S. embargo on Russia oil and gas, FOX Business confirmed. He is to make the remarks at the White House announcing, "actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine."
Ukrainian President Volodymyr Zelenskyy on Monday had called for "boycotts" on Russian oil imports.
Russian Minister of Energy Alexander Novak arrives for a meeting of the Organization of the Petroleum Exporting Countries, OPEC at their headquarters in Vienna, Austria, Thursday, Dec. 5, 2019. ((AP Photo/Ronald Zak))
But even with the U.S. on board, it’s unclear if European allies and partners will follow suit.
On Monday, Germany and the Netherland rejected plans for an embargo, BBC reported.
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German Chancellor Olaf Scholz asserted on Monday that Russian oil and gas remain of "essential importance" to the European economy. Last month, Germany pulled the plug on an $11 billion Nord Stream 2 pipeline project, as European Union officials has said they were working on a plan to cut the blocs’ Russian fuel imports by 80% this year, Bloomberg reported.
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Biden administration officials have recognized the U.S. has different capacities and capabilities of mitigating the impacts of a loss of Russian oil supply compared to European allies and partners.
On Sunday, Secretary of State Antony Blinken had said the U.S. was working with European allies "in a coordinated way, at the prospect of banning the import of Russian oil, while making sure there is still an appropriate supply of oil on world markets."
FOX Business’ Brooke Singman contributed to this report.