A man walks past a mural depicting Russian President Vladimir Putin, with the Russian flag, in Belgrade. Photo Nampa/AFP
A man walks past a mural depicting Russian President Vladimir Putin, with the Russian flag, in Belgrade. Photo Nampa/AFP

‘Ban on Russian oil will be catastrophic’

Moscow - Russian deputy prime minister Alexander Novak has warned that a ban on Russian oil imports would have "catastrophic" consequences, as Western allies consider further sanctions on Moscow over Ukraine.

"A ban on Russian oil will lead to catastrophic consequences for the global market. The surge in prices will be unpredictable - more than US$300 per barrel, if not more," Novak said in remarks carried by Russian news agencies.

Novak added that it would be "impossible" to quickly replace Russian oil on the European market.

"It will take more than one year and it will be much more expensive for European consumers," he said.

‘INSTABILITY’

"European politicians should then honestly warn their citizens, consumers what awaits them and that prices at gas stations, for electricity, for heating will skyrocket," he said.

Novak said talks of an embargo on Russian oil creates "instability and leads to significant harm for consumers".

He added that in retaliation for the halt on the Nord Stream 2 pipeline project, Russia could stop supplies via the Nord Stream 1 pipeline.

"So far we have not made this decision. Nobody will benefit from this," Novak said.

"Although European politicians are pushing us to this with their statements and accusations against Russia," he added. – Nampa/AFP

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LaLiga: Sevilla 1 vs 2 Barcelona | Celta Vigo 2 vs 2 Valencia | Las Palmas 1 vs 1 Deportivo Alaves | Getafe 1 vs 2 Mallorca | Real Madrid 0 vs 0 Real Betis | Almería 6 vs 1 Cadiz | Rayo Vallecano 0 vs 1 Athletic Club | Real Sociedad 0 vs 2 Atletico Madrid | Osasuna 1 vs 1 Villarreal | Girona 7 vs 0 Granada SerieA: SS Lazio 1 vs 1 Sassuolo | Hellas Verona 2 vs 2 Inter Milan | Empoli 2 vs 1 AS Roma | Frosinone 0 vs 1 Udinese | Atalanta 3 vs 0 Torino | Napoli 0 vs 0 Lecce | AC Milan 3 vs 3 Salernitana | Juventus 2 vs 0 Monza | Genoa 2 vs 0 Bologna European Championships Qualifying: Leeds United 0 vs 1 Southampton FA Cup: Manchester City 1 vs 2 Manchester United English Championship: Leeds United 0 vs 1 Southampton Katima Mulilo: 11° | 30° Rundu: 11° | 30° Eenhana: 13° | 31° Oshakati: 14° | 30° Ruacana: 15° | 31° Tsumeb: 14° | 28° Otjiwarongo: 12° | 27° Omaruru: 14° | 29° Windhoek: 11° | 24° Gobabis: 12° | 25° Henties Bay: 17° | 25° Wind speed: 47km/h, Wind direction: NE, Low tide: 11:38, High tide: 05:37, Low Tide: 00:10, High tide: 18:15 Swakopmund: 16° | 18° Wind speed: 28km/h, Wind direction: NE, Low tide: 11:36, High tide: 05:35, Low Tide: 00:08, High tide: 18:13 Walvis Bay: 16° | 23° Wind speed: 34km/h, Wind direction: NE, Low tide: 11:36, High tide: 05:34, Low Tide: 00:08, High tide: 18:12 Rehoboth: 13° | 26° Mariental: 14° | 28° Keetmanshoop: 15° | 28° Aranos: 14° | 28° Lüderitz: 17° | 33° Ariamsvlei: 15° | 29° Oranjemund: 19° | 31° Luanda: 23° | 27° Gaborone: 11° | 24° Lubumbashi: 10° | 26° Mbabane: 10° | 23° Maseru: 6° | 21° Antananarivo: 9° | 21° Lilongwe: 11° | 26° Maputo: 17° | 27° Windhoek: 11° | 24° Cape Town: 14° | 24° Durban: 14° | 23° Johannesburg: 13° | 20° Dar es Salaam: 22° | 29° Lusaka: 14° | 24° Harare: 10° | 24° Currency: GBP to NAD 23.39 | EUR to NAD 19.91 | CNY to NAD 2.53 | USD to NAD 18.34 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.31 | EGP to NAD 0.38 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.68 | ZWL to NAD 0.04 | BRL to NAD 3.56 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 134.3 | USD to AOA 851.84 | USD to BWP 13.58 | USD to EGP 47.12 | USD to KES 132.48 | USD to NGN 1474 | USD to ZAR 18.34 | USD to ZMW 26.81 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 79150.84 Up +0.25% | Namibian Stock Exchange (NSX) Overall Index 1748.47 Down -0.71% | Casablanca Stock Exchange (CSE) MASI 13370.7 Down -0.04% | Egyptian Exchange (EGX) 30 Index 27205.14 Down -0.08% | Botswana Stock Exchange (BSE) DCI 9141.35 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 353.63/OZ UP +0.70% | Copper US$ 4.80/lb UP +1.35% | Zinc US$ 3 077.30/T UP 0.19% | Brent Crude Oil US$ 83.32/BBP UP +1.20% | Platinum US$ 1 055.12/OZ UP +2.42% Sport results: LaLiga: Sevilla 1 vs 2 Barcelona | Celta Vigo 2 vs 2 Valencia | Las Palmas 1 vs 1 Deportivo Alaves | Getafe 1 vs 2 Mallorca | Real Madrid 0 vs 0 Real Betis | Almería 6 vs 1 Cadiz | Rayo Vallecano 0 vs 1 Athletic Club | Real Sociedad 0 vs 2 Atletico Madrid | Osasuna 1 vs 1 Villarreal | Girona 7 vs 0 Granada SerieA: SS Lazio 1 vs 1 Sassuolo | Hellas Verona 2 vs 2 Inter Milan | Empoli 2 vs 1 AS Roma | Frosinone 0 vs 1 Udinese | Atalanta 3 vs 0 Torino | Napoli 0 vs 0 Lecce | AC Milan 3 vs 3 Salernitana | Juventus 2 vs 0 Monza | Genoa 2 vs 0 Bologna European Championships Qualifying: Leeds United 0 vs 1 Southampton FA Cup: Manchester City 1 vs 2 Manchester United English Championship: Leeds United 0 vs 1 Southampton Weather: Katima Mulilo: 11° | 30° Rundu: 11° | 30° Eenhana: 13° | 31° Oshakati: 14° | 30° Ruacana: 15° | 31° Tsumeb: 14° | 28° Otjiwarongo: 12° | 27° Omaruru: 14° | 29° Windhoek: 11° | 24° Gobabis: 12° | 25° Henties Bay: 17° | 25° Wind speed: 47km/h, Wind direction: NE, Low tide: 11:38, High tide: 05:37, Low Tide: 00:10, High tide: 18:15 Swakopmund: 16° | 18° Wind speed: 28km/h, Wind direction: NE, Low tide: 11:36, High tide: 05:35, Low Tide: 00:08, High tide: 18:13 Walvis Bay: 16° | 23° Wind speed: 34km/h, Wind direction: NE, Low tide: 11:36, High tide: 05:34, Low Tide: 00:08, High tide: 18:12 Rehoboth: 13° | 26° Mariental: 14° | 28° Keetmanshoop: 15° | 28° Aranos: 14° | 28° Lüderitz: 17° | 33° Ariamsvlei: 15° | 29° Oranjemund: 19° | 31° Luanda: 23° | 27° Gaborone: 11° | 24° Lubumbashi: 10° | 26° Mbabane: 10° | 23° Maseru: 6° | 21° Antananarivo: 9° | 21° Lilongwe: 11° | 26° Maputo: 17° | 27° Windhoek: 11° | 24° Cape Town: 14° | 24° Durban: 14° | 23° Johannesburg: 13° | 20° Dar es Salaam: 22° | 29° Lusaka: 14° | 24° Harare: 10° | 24° Economic Indicators: Currency: GBP to NAD 23.39 | EUR to NAD 19.91 | CNY to NAD 2.53 | USD to NAD 18.34 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.31 | EGP to NAD 0.38 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.68 | ZWL to NAD 0.04 | BRL to NAD 3.56 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 134.3 | USD to AOA 851.84 | USD to BWP 13.58 | USD to EGP 47.12 | USD to KES 132.48 | USD to NGN 1474 | USD to ZAR 18.34 | USD to ZMW 26.81 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 79150.84 Up +0.25% | Namibian Stock Exchange (NSX) Overall Index 1748.47 Down -0.71% | Casablanca Stock Exchange (CSE) MASI 13370.7 Down -0.04% | Egyptian Exchange (EGX) 30 Index 27205.14 Down -0.08% | Botswana Stock Exchange (BSE) DCI 9141.35 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 353.63/OZ UP +0.70% | Copper US$ 4.80/lb UP +1.35% | Zinc US$ 3 077.30/T UP 0.19% | Brent Crude Oil US$ 83.32/BBP UP +1.20% | Platinum US$ 1 055.12/OZ UP +2.42%