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Russia threatens to cut Natural Gas supplies to Europe

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Says oil prices will hit US$300 a barrel if US, Europe ban imports:

RUSSIA: Russia threatened to cut Natural Gas supplies to Europe via the Nord Stream 1 pipeline as part of its response to sanctions imposed over the invasion of Ukraine, a move that could heighten the turmoil in energy markets and drive consumer prices even higher.

Russia has the right to take actions that “mirror”  the penalties imposed on the Russian economy, Deputy Prime Minister Alexander Novak – who’s also in charge of energy affairs – said in a televised speech late Monday (March 7).

He said no decision to shut off Nord Stream 1 has yet been taken, and the pipeline is currently operating “at its full capacity”.

A ban on Russian oil imports would also have “catastrophic” consequences, he said.

“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 (S$408.59) 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.

Ukraine’s military intelligence said on Monday that Ukrainian forces have killed a Russian general near the besieged city of Kharkiv, the second Russian senior commander to die in the invasion.

Major General Vitaly Gerasimov, first Deputy Commander of Russia’s 41st Army, was killed on Monday, the Chief Directorate of Intelligence of Ukraine’s defence ministry said in a statement. Russia’s defence ministry could not be immediately reached for comment. Another Russian General, Andrei Sukhovetsky, also a deputy commander of the 41st army, was reported killed at the end of February.

Ukraine says its forces have killed more than 11,000 Russian troops. Russia has confirmed about 500 losses. Neither side has disclosed Ukrainian casualties. – THE STRAITS TIMES, NDTV,THE MALAY MAIL

Wednesday, March 9, 2022 – 01:08

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