Russian Deputy Prime Minister Alexander Novak threatens to embargo oil exports, halting gas supplies through Nord Stream 1, which would completely cutoff all of Europe from gas supplies. Now only would homes not have heat, power plants could not generate electric!
Russia’s Ukraine invasion could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin, vice chairman of IHS Markit.
Moscow is one of the world’s largest oil exporters. Sanctions by the U.S. and allies on Russia’s financial system have already set in motion a backlash against Russian crude from banks, buyers and shippers.
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