MOSCOW, March 7. /TASS/. The West’s decision to ban imports of Russian oil will lead to catastrophic consequences for the world market, the price may exceed $300 per barrel, Russian Deputy Prime Minister Alexander Novak told reporters.

It is impossible to quickly replace the volume of Russian oil on the European market, it will take more than one year, the ban on Russian oil will lead to a rise in prices for fuel, electricity and heating in Europe and the United States, he added.

"It is absolutely obvious that abandoning Russian oil will lead to catastrophic consequences for the world market. A surge in prices will be unpredictable - more than $300 per barrel, if not more," he said.

"At the same time, it is impossible to replace the volume of Russian oil on the European market quickly, it will take more than one year, and it will be much more expensive for European consumers. Under this scenario, they will become the main victims. European politicians should then honestly warn their citizens, consumers, what awaits them and that prices for gas stations, for electricity, for heating will skyrocket. This will affect other markets, including the American one," he added.

Novak noted that Russia is the largest supplier of oil to Europe, which consumes about 500 million tonnes of oil, of which Russia supplies about 150 million tonnes, or 30%. Russia also supplies the EU with another 80 million tonnes of oil products.

"Moreover, everyone knows that the supply of oil and oil products from Russia today is the most competitive for the European market, given the developed oil pipeline infrastructure and the logistics of sea deliveries," the Deputy Prime Minister stressed.