Deputy Prime Minister Alexander Novak said a “rejection of Russian oil would lead to catastrophic consequences for the global market”, causing prices to more than double to $300 a barrel.

The US has been exploring a potential ban with allies as a way of punishing Russia for its invasion of Ukraine.

But Germany and the Netherlands rejected the plan on Monday.

The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.

While the UK would not be directly impacted by supply disruption, as it imports less than 5% of its gas from Russia, it would be affected by prices rising in the global markets as demand in Europe increases.

Iain Conn, the former boss of British Gas owner Centrica, said natural gas was “less freely” traded compared to oil, and it would be “much more difficult” to replace Russian gas if supplies are affected as it is transported through fixed pipelines from country to country.

The price of Brent crude – the global benchmark for oil prices – rose to around $130 a barrel on Tuesday following reports that the US and UK will announce its own ban on Russian oil imports.

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