Moscow threatens to cut off West's gas supplies through Nord Stream 1

Russia has threatened to halt gas supplies to the West through the Nord Stream 1 pipeline. For the first time since the invasion of Ukraine, Moscow on Monday suggested it had the "full right" to stop supplies and warned that oil prices could surge to US$300/bbl.

Alexander Novak, Russia's deputy prime minister, said his government had the "full right" to "impose an embargo" on gas supplies. He said the decision to shut off Nord Stream 1 has not yet been taken, and the pipeline is currently operating "at full capacity".

"In connection with unfounded accusations against Russia regarding the energy crisis in Europe and the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline," Mr Novak said in a statement broadcast on state television.

It came after the US sought to ratchet up pressure on Vladimir Putin by saying the West was considering banning Russian oil imports. Oil prices spiked to their highest levels since 2008."A rejection of Russian oil would lead to catastrophic consequences for the global market," Mr Novak said.

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