Russia has said it may close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil.
Deputy Prime Minister Alexander Novak said a “rejection of Russian oil would lead to catastrophic consequences for the global market”, causing prices to more than double to $300 a barrel.
The US has been exploring a potential ban with allies as a way of punishing Russia for its invasion of Ukraine but Germany and the Netherlands rejected the plan on Monday.
The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.
In an address on Russian state television, Mr Novak said it would be “impossible to quickly find a replacement for Russian oil on the European market”.
