Western countries might soon be forced to face oil prices as high USD 300 a barrel as well as the possible closure of natural gas pipeline Nord Stream 1, says Russian Deputy Prime Minister Alexander Novak on Russian television Monday.

He warns that this scenario could become a reality if the EU and US move forward with threats to ban importing oil from Russia.

"It's certain that a rejection of Russian oil would result in catastrophic consequences," Novak says:

"Rising prices would be unpredictable. The price could reach up to USD 300 per barrel, if not more."

This message comes after oil traded at the highest level since 2008 at roughly USD 140 per barrel.

On the same day, US Secretary of the Interior Antony Blinken warned that Washington DC and allies are mulling an import ban on Russian crude.

According to Novak, it would take the EU a year to source replacement for the oil Europe receives from Russia, potentially leading to much high prices.

"European politicians must be honest and warn their citizens and consumers about what they can expect," the deputy PM says:

"If they want to reject energy supply from Russia, then go ahead. We're are prepared. We know where we can redirect the oil."

Nord Stream 1 is a 1,225 kilometer gas pipeline running across the bottom of the Baltic Sea from Russia to Germany.

Germany has warned about prohibiting Russian oil because import from the eastern country is crucial for meeting Europe's electricity requirements.

Russia supplies 40 percent of the gas Europe needs.

Nevertheless, Germany's federal government ordered the suspension of the approval process for Nord Steam 2, which was meant to send even more Russian energy into the continent.

Berlin took this action in response to Russia's invasion of Ukraine.

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