New Delhi

The ban on imports of Russian petroleum products by the western countries will have catastrophic consequences for the global economy and it will push crude oil price to over $300 per barrel, Russian Deputy Prime Minister Alexander Novak has warned.

"It is absolutely obvious that abandoning Russian oil will lead to catastrophic consequences for the world market. A surge in prices will be unpredictable - more than $300 per barrel, if not more," Russian News Agency TASS quoted Novak as saying.

Crude oil price has soared to a 14-year high. Brent crude oil price in London surged to near $140 a barrel on Monday, the highest level since July 2008.

Novak said the ban on Russian oil will lead to a rise in prices for fuel, electricity, and heating in Europe and the United States.

"It is impossible to replace the volume of Russian oil on the European market quickly, it will take more than one year, and it will be much more expensive for European consumers," Novak told reporters in Moscow.

"Under this scenario, they will become the main victims. European politicians should then honestly warn their citizens, consumers, what awaits them and that prices for gas stations, for electricity, for heating will skyrocket. This will affect other markets, including the American one," he said.