AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

MOSCOW: Russian Deputy Prime Minister Alexander Novak warned Wednesday that a ban on Russian oil and gas imports would drive the world’s energy markets to a “collapse”.

“It is absolutely obvious that without Russian hydrocarbons, if sanctions are introduced, there will be a collapse of the oil and gas markets,” Novak told Russia’s lower house State Duma as reported by Russian news agencies.

“The rise in energy prices may be unpredictable,” Novak added.

He said the European Union, which is experiencing “a rise in prices and a shortage of energy resources”, halted the Nord Stream 2 gas pipeline under pressure from Washington.

“As a result, over the past year the price of electricity in Europe has increased tenfold, the price of gas — fivefold,” Novak said.

He said the price of gas has at certain points reached $4,000 per 1,000 cubic metres and this is “not the limit”.

Last winter, gas prices in Europe soared, with critics accusing Moscow of orchestrating a gas shortage in order to push ahead its Nord Stream 2 pipeline.

Germany has since suspended the controversial pipeline in response to Russia’s military actions in Ukraine.

Novak called the ban “absolutely absurd” and said European consumers will face “greater price increases”.

“I want to emphasise that the complete incompetence of European decision-makers due to ill-conceived policies and lack of strategic planning led to this result”.

Comments

Comments are closed.

Noor Mar 24, 2022 11:47am
Janab I wala the USA has it's own interest break up coming China as a power and teach Europe a lesson . In that we the 3rd world will get into trouble.
thumb_up Recommended (0)