A rise in global energy prices will be unpredictable if sanctions are imposed against Russia’s oil and gas, Russian Deputy Prime Minister Alexander Novak said on Wednesday, noting that the global energy market will collapse without Russian hydrocarbons.

“Russia is the largest supplier of energy resources to world markets, the share of Russian energy exports is about 20% of the world level of trade. It is obvious that without Russian hydrocarbons, the gas and oil markets will collapse. An increase in prices for energy resources can be completely unpredictable,” Novak told Russian lawmakers. He noted that gas prices in Europe that have recently broken all-time record of over USD 4,000 can rise even more, given that the EU abandoned the Nord Stream 2 project to its own detriment.

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As of now, the volume of gas in underground gas storage facilities is 26 per cent as compared to 30.6 per cent at the same period of the last year, the official said, adding that this year the risks of not filling UGS facilities are even higher.