Deputy Prime Minister Alexander Novak said a “rejection of Russian oil would lead to catastrophic consequences for the global market”, causing prices to more than double to $300 a barrel.

The US has been exploring a potential ban with allies as a way of punishing Russia for its invasion of Ukraine.

But Germany and the Netherlands rejected the plan on Monday.

The EU gets about 40% of its gas and 30% of its oil from Russia and has no easy substitutes if supplies are disrupted.

Mahmood Ahmadu and Robert Jreissati Signs MOU to Boost Trade Opportunities Between Nigeria and Poland

While the UK would not be directly impacted by supply disruption, as it imports less than 5% of its gas from Russia, it would be affected by prices rising in the global markets as demand in Europe increases.

Iain Conn, the former boss of British Gas owner Centrica, said natural gas was “less freely” traded compared to oil, and it would be “much more difficult” to replace Russian gas if supplies are affected as it is transported through fixed pipelines from country to country.

The price of Brent crude – the global benchmark for oil prices – rose to around $130 a barrel on Tuesday following reports that the US and UK will announce their own ban on Russian oil imports.

In an address on Russian state television, Mr Novak said it would be “impossible to quickly find a replacement for Russian oil on the European market”.

“It will take years, and it will still be much more expensive for European consumers. Ultimately, they will be hurt the worst by this outcome,” he said.

Pointing to Germany’s decision last month to freeze certification of Nord Stream 2, a new gas pipeline connecting the two countries, he added that an oil embargo could prompt retaliation.

“We have every right to take a matching decision and impose an embargo on gas pumping through the [existing] Nord Stream 1 gas pipeline,” he said.

Source – https://www.bbc.co.uk/

The post Ukraine: Russia says it may cut gas supplies if oil ban goes ahead appeared first on Daily Concord.

Airline tycoon Natalia Fileva, 55, the co-owner of Russian carrier S7, was on board a six-seater plane which crashed and exploded near Frankfurt today.   

German police said there appeared to be three people on board the plane, including the pilot of the flight, which originated in France. 

Two more people are believed to have died in a collision with a police vehicle which was responding to the scene.   

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Airline tycoon Natalia Fileva (pictured), the co-owner of Russian carrier S7, was on board a six-seater plane which crashed and exploded near Frankfurt today

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The burnt out debris of a small aircraft lies on a field near the small airport of Egelsbach near Frankfurt on Sunday 

Business publication Forbes.ru estimated Ms Fileva’s fortune at $600million (£460million).  ADVERTISING

Her airline confirmed that Ms Fileva was on board the single-engine, six-seater Epic-LT aircraft when it crashed. 

According to state-owned publication Russia Beyond, she and her husband Vladislav Filev have owned the company since the 1990s. 

She was said to be the head of S7’s board of directors, helping to make it Russia’s largest domestic airline and a competitor to flag carrier Aeroflot.  

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‘S7 Group team extends sincere and heartfelt condolences to Mrs. Fileva’s family and loved ones,’ the company said in a statement. 

‘The memory of her as an inspiring and sympathetic leader and a wonderful person will forever stay in the hearts of all S7 Group employees. It is an irreparable loss. ‘

Based at Moscow’s Domodedovo Airport, S7 is part of the Oneworld alliance and flies to 150 destinations in 35 countries. 

Police said the six-seater airplane took off in France and was on its way to the central German town of Egelsbach. 

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Emergency services work among burnt out debris of a small aircraft on a field near the small airport of Egelsbach following the crash in Germany on Sunday 

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The remains of a police car which crashed into another vehicle near Frankfurt, on the way to the scene of a plane crash in which a Russian millionaire died 

It crashed and burned in a field near Erzhausen, six miles south of Frankfurt, at around 3.30pm.  

In a further tragedy, an emergency carrying two police officers was on the way to the crash scene when it collided with another car. 

The second vehicle was carrying two young people who died in the crash while the police officers were seriously injured. 

German officials said the cause of the plane crash was still unknown, saying the aircraft had completely burned out. 

They said the two passengers were believed to be Russian citizens but that positive identification of the occupants would require further investigation. 

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The 6,000 ton Seagrand collided with the side of the Gwangan Bridge in Busan, in the southeast of the country, at around 4.20pm local time.

The ship then attempted to turn and vacate the area before it was detained by the Korea Coast Guard (KCG).  

KCG officials said the captain’s blood alcohol level was 0.086 per cent – almost three times the legal limit of 0.03 per cent. 

According to local news agency Yonhap the Seagrand also hit a moored cruise ship just 40 minutes before the accident.  

Authorities said they spoke to the cargo ship’s crew and were still determining whether the captain, whose identity has not been released, was at the helm at the time of the crash.

Drinking alcohol on-board is perfectly legal so as long as the person is not steering, the KCG said.

The accident caused some superficial damage to the lower level of the bridge, but no injuries were reported

Officials are also looking into why the vessel was in the waters near the £500 billion Gwangan Bridge – South Korea’s second longest – when it should have been heading in the opposite direction. 

According to the KCG, the Seagrand arrived in Busan around 9am on Wednesday morning to unload 1,495 tons of iron pipes.

It departed for Vladivostok, Russia on Thursday with 1,415 tons of steel coils. 

No injuries were reported, but a section of the bridge was closed off for a safety inspection. 

Photographs show some superficial damage to the lower level of the two-tiered structure. 

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The California-based tech company will now comply with Russian law passed in 2017, that requires any websites banned by the government to be omitted from search engine results.

Google will be working alongside Russian regulatory agency Roskomnadzor, who currently work to block sites including child pornography, drugs and suicide.

However, according to the Moscow Times, Roskomnadzor is widely criticized for being mouthpiece for the government for its perceived favoring of state censorship.

The supposed independent body has previously been found to have blocked access to corruption investigations against government ministers.

Google was fined $7,500 by Russia in 2018 for not complying with regulation laws.

According to local paper Vedomosti, Google has already began deleting 70 percent of the sites blacklisted by the Russian government.

It’s said 175 requests have been made by Russian officials to delete specific sites, in a Google Transparency report from last-year.

Russia also accounted for 75% of all global requests to delete content, according to the report.

Alexander Zharov, the head of the Russian Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor) apparently told a news agency they’ve established ‘constructive dialogue’ with Google

The RIA Novosti news agency quoted head of Roskomnadzor, Alexander Zharov, as saying it has established a “constructive dialogue” with Google.

‘We’re committed to enabling access to information for the benefit of our users in Russia and around the world,’ Nu Wexler, a google spokesperson said in a statement.

No comment was made directly about the alleged deal reported by Vedomosti.

Facebook and Twitter are said to be next in the Russia firing line, after their repeated breach of data and online access laws.

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