According to the Kremlin’s spokesman, Russia has been watching the situation on international energy markets closely.

A possible embargo on Russian oil could hit global energy markets hard, Kremlin spokesman Dmitry Peskov said.

“This is an issue we have been watching very closely. Of course, this situation could alter international energy markets dramatically, this can’t but have quite serious consequences”, the spokesman said.

Asked about Western aims to isolate Russia, Peskov said the US and Europe are not the entire world.

Earlier this week, Moody’s Investors Service unveiled its outlook on commodity prices amid the Russia-Ukraine crisis, saying that “possible retaliation by Russia in response to sanctions could also cause further energy price shocks, particularly in Europe”.

Moody’s outlook came on a day when prices of US oil hit their highest since the 2008 financial crisis, crossing $116 a barrel, while those of the global benchmark Brent surged to nearly $120. Some 40% of Europe’s gas and 10% of the world’s oil come from Russia.

Source: Agencies