Novak Warns of Oil, Gas Market Collapse if Sanctions Placed on Russian Energy

Russian Deputy Prime Minister Alexander Novak said on March 23 global energy markets would collapse if sanctions were imposed on oil and gas from Russia, a major exporter of hydrocarbons.

The EU, which relies heavily on Russian energy, has been considering expanding sanctions on Moscow imposed over the Ukraine crisis to include hydrocarbons. EU foreign ministers disagreed on March 21 about whether to proceed.

The U.S. and Britain, both far less reliant on Russian fuel, have taken steps to ban Russian oil imports.