Moscow Threatens to Cut Gas Supplies to Europe, As Global Oil Prices Surge

Russia has raised the stakes in the ongoing energy conflict with the West, threatening to shut down the Nord Stream 1 gas pipeline to Germany in retaliation for potential European sanctions on Russian oil. Deputy Prime Minister Alexander Novak warned that rejecting Russian oil would have catastrophic global consequences, predicting that oil prices could surge to over $300 per barrel if such a ban is enforced.

The threat comes as the US has urged European nations to consider halting Russian oil imports in response to Russia’s invasion of Ukraine. Germany had previously suspended the certification of the Nord Stream 2 pipeline, leading Novak to suggest that Russia could reciprocate by stopping gas supplies through Nord Stream 1, a major pipeline that delivers gas to Europe.

European officials have acknowledged the difficulty of replacing Russian oil, which accounts for a significant portion of Europe’s energy needs, but some, like Frans Timmermans from the European Commission, believe that reducing reliance on Russian energy is feasible within a few years.

As oil prices continue to climb, reaching near 14-year highs, the EU faces a tough decision on how to balance its energy security with the desire to take a stand against Russia’s aggression in Ukraine.