Oil prices could rise to more than $300 a barrel if the United States and the European Union ban oil imports from Russia, Russian Deputy Prime Minister and Energy Minister Aleksandr Novak said on Monday, Reuters and AFP reported.

“It is absolutely clear that a rejection of Russian oil would have catastrophic consequences for the global market,” Novak said in a video statement on state television.

“Rising prices are likely to be unpredictable. They could reach $300 a barrel, if not more,” the Russian official added.

In the wake of the escalating war in Ukraine, US Secretary of State Antony Blinken said Washington and European allies were discussing a possible embargo on Russian oil imports with a view to tightening economic sanctions on Moscow. However, Europeans are more cautious because some countries in the region, such as Germany, are heavily dependent on Russian oil and natural gas.