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German economy minister cautions against higher oil prices

According to Robert Habeck, the adverse scenario will be materialized if "the loss is compensated because the oil price becomes too high and [Russia] will be able to have more profit when exporting less"

BERLIN, May 2. /TASS/. The European Union should take into account a situation when an oil price spike in case of embargo introduction will make it possible for Russia to level up losses from export decline, Vice Chancellor and Federal Minister for Economic Affairs and Climate Action Robert Habeck said on Monday.

The adverse scenario will be materialized if "the loss is compensated because the oil price becomes too high and [Russia] will be able to have more profit when exporting less," Habeck said. "If this occurs, we would have played the wrong card," the official said.

One more adverse scenario can materialize if some countries are unable to buy crude oil at higher prices and Russia would attempt to offer a discount to them in exchange for support, the Minister added. "Then we would have made a geopolitical error," he added.

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