<p>Russian Deputy Prime Minister Alexander Novak warned Wednesday that a ban on Russian oil and gas imports would drive the world's energy markets to a "collapse".</p>.<p>"It is absolutely obvious that without Russian hydrocarbons if sanctions are introduced, there will be a collapse of the oil and gas markets," Novak told Russia's lower house, State Duma, as reported by Russian news agencies.</p>.<p>"The rise in energy prices may be unpredictable," Novak added.</p>.<p><a href="https://www.deccanherald.com/international/russia-ukraine-war-news-live-updates-kyiv-maruipol-kharkiv-vladimir-putin-volodymyr-zelenskyy-attack-shelling-nuclear-war-chernobyl-zaporizhzhia-1093835.html" target="_blank"><strong>Follow live updates of Russia-Ukraine crisis here</strong></a></p>.<p>He said the European Union, which is experiencing "a rise in prices and a shortage of energy resources", halted the Nord Stream 2 gas pipeline under pressure from Washington.</p>.<p>"As a result, over the past year the price of electricity in Europe has increased tenfold, the price of gas -- fivefold," Novak said.</p>.<p>He said the price of gas has at certain points reached $4,000 per 1,000 cubic metres and this is "not the limit".</p>.<p>Last winter, gas prices in Europe soared, with critics accusing Moscow of orchestrating a gas shortage in order to push ahead of its Nord Stream 2 pipeline.</p>.<p>Germany has since suspended the controversial pipeline in response to Russia's military actions in Ukraine.</p>.<p>Novak called the ban "absolutely absurd" and said European consumers will face "greater price increases".</p>.<p>"I want to emphasise that the complete incompetence of European decision-makers due to ill-conceived policies and lack of strategic planning led to this result".</p>.<p><strong>Check out DH's latest videos:</strong></p>
<p>Russian Deputy Prime Minister Alexander Novak warned Wednesday that a ban on Russian oil and gas imports would drive the world's energy markets to a "collapse".</p>.<p>"It is absolutely obvious that without Russian hydrocarbons if sanctions are introduced, there will be a collapse of the oil and gas markets," Novak told Russia's lower house, State Duma, as reported by Russian news agencies.</p>.<p>"The rise in energy prices may be unpredictable," Novak added.</p>.<p><a href="https://www.deccanherald.com/international/russia-ukraine-war-news-live-updates-kyiv-maruipol-kharkiv-vladimir-putin-volodymyr-zelenskyy-attack-shelling-nuclear-war-chernobyl-zaporizhzhia-1093835.html" target="_blank"><strong>Follow live updates of Russia-Ukraine crisis here</strong></a></p>.<p>He said the European Union, which is experiencing "a rise in prices and a shortage of energy resources", halted the Nord Stream 2 gas pipeline under pressure from Washington.</p>.<p>"As a result, over the past year the price of electricity in Europe has increased tenfold, the price of gas -- fivefold," Novak said.</p>.<p>He said the price of gas has at certain points reached $4,000 per 1,000 cubic metres and this is "not the limit".</p>.<p>Last winter, gas prices in Europe soared, with critics accusing Moscow of orchestrating a gas shortage in order to push ahead of its Nord Stream 2 pipeline.</p>.<p>Germany has since suspended the controversial pipeline in response to Russia's military actions in Ukraine.</p>.<p>Novak called the ban "absolutely absurd" and said European consumers will face "greater price increases".</p>.<p>"I want to emphasise that the complete incompetence of European decision-makers due to ill-conceived policies and lack of strategic planning led to this result".</p>.<p><strong>Check out DH's latest videos:</strong></p>