Banning imports of Russian oil and gas would lead to a "collapse" of the world's energy markets, says Russian Deputy Prime Minister Alexander Novak Wednesday to the Russian Duma, report several domestic media, according to Reuters.

"It is absolutely obvious that without Russian hydrocarbons, if sanctions are introduced, there will be a collapse of the oil and gas markets," Novak notes:

"The rise in energy prices may be unpredictable."

Novak adds that the EU – after Germany stopped the approval process for the Nord Stream 2 natural gas pipeline in light of US pressure – is experiencing rising prices and a shortage of energy resources.

"As a result, over the past year the price of electricity in Europe has increased tenfold, the price of gas – fivefold," the deputy prime minister continues.

A barrel of European reference oil Brent is up by 2.9 percent to USD 118.85 Wednesday after rising this last week from around USD 98 per barrel. In early February, North Sea crude sold for less than USD 90.

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