Crude oil prices could reach more than $300 per barrel if the West goes ahead with its plan to sanction Russian energy supplies, Moscow warned in a statement on state television. “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak said. “The surge in prices would be unpredictable. It would be $300 per barrel if not more.” Novak said that it will take Europe over a year to replace the quantity of oil it imports from Russia. Moreover, Europe will also have to pay a significantly higher price for it. European politicians must “honestly warn” their citizens on what to expect. Claiming that Russia is ready to face the consequences of a ban on Russian energy supplies, Novak added that Moscow knows where to “redirect” its oil. In January, Russia was the world’s third-largest …