Will cut off gas supply to Europe warns Russia

Moscow, Mar 08: Russia has threatened to cut off gas supply to Europe if the West went ahead and banned Russian oil.

Alexander Novak said that such a move would lead to catastophic consquences for global supply as a result which oil prices would double to $300 a barrel.

The statement comes in the wake of the United States exploring a potential ban with allies to punish Russia for its military action in Ukraine. The plan was however rejected by Germany and Netherlands.

EU gets around 40 per cent of its gas and 30 per cent of its oil from Russia. If the supplies are disrupted, there are no easy substitutes. Novak said that Russia has every right to retaliate and cited Germany's decision last month to block certification for the second Nord Stream Pipeline between the two countries.