Shortly after Canada and other Western democracies announced sanctions on Russia, the world heard a frightening warning about the impact they would have — not just on Russia, but on the global economy.
The warning came from Russia’s deputy prime minister, Alexander Novak, and its focus was the world price of oil.
“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Novak said in a televised statement.
“The surge in prices would be unpredictable,” he warned. “It would be $300 per barrel, if not more.”
Oil above $300 a barrel?
As the North American price of
