 Russia says it may close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil. Deputy Prime Minister Alexander Novak said a rejection of Russian oil will lead to catastrophic consequences for the global market, causing prices to more than double to $300 a barrel. The U.S. 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 The EU gets about 40% of its gas and 30% of its oil from Russia and has no easy substitutes if supplies are disrupted. In an address on Russian state television, Novak said it will be impossible to quickly find a replacement for Russian oil on the European market. Pointing to Germany's decision last month to freeze certification of Nord Stream 2, a new gas pipeline connecting the two countries, he added that an oil embargo could prompt retaliation. We now have joining us on News Now, a professor of energy electricity law, University of Lagos, Professor Yemi Oké. Good evening, Professor. Good evening, thanks for having me. Well, thanks for joining us. But the UK is going to end the import of Russian oil by the end of this year. Also, the U.S. is ending importation of oil and other energy products from Russia. What are the foreseeable implications for Russia? As a non-trivialistic, I definitely say non, in terms of global politics and politicking, Hoyn, as we should know, is a major strategy to impose a kind of global pressure or sanction But in this situation, let nobody make or be under any illusion or exclusion that Russia is being punished. No. Russia is not being punished. I mean, not going back that route being punished. But if the UK imposes a kind of product restriction, and the U.S. imposes a kind of small on Russia's product, that will definitely not punish Russia. It will only punish innocent citizens of the world, including Nigeria, Ghana, Afghanistan, and other countries that are already stressed in terms of energy demand and supplies. So it's going to end up distorting global supply and demand chain. So even though it's going to affect Russia's source of revenue, you're saying it's not a punishment at all to Russia? It's not a kind of punishment to Russia talking about the kind of political measures that we should be talking about. Talking in terms of international or transnational diplomacy, when you attack Russia by their product, talking of food or energy war, so to speak, you are not likely to punish Russia or other countries by the U.S. that already have strategic results, both within their country and other countries. Russia is huge in terms of gas and pressure. But then Russia has a normal strength in other areas that we're not even looking at. It's not going to hit Russia the way it's going to hit innocent citizens and countries of the world. Before Russia would blink, as a result of those strategies, the world would probably laugh about it more. Okay. Well, the ban has triggered a surge in Brentwood to almost $140 a barrel. That's its highest level since 2008. Naturally, because when you go down the route, trade ostracization of a kind of imposition that would lead to the boycott of products from a particular country. The country should, I mean, be it a reasonable country, it would have had in place strategies that would make it survive for at least a year or two. But by the time we caught Russia being a major supply, the world would definitely not be the same. Well, is Nigeria prepared to benefit from this situation? And how can Nigeria benefit maximally? Nigeria is not going to benefit because, I mean, previously we had a kind of surge, upward surge in the passes of crude oil during the Gulf War. And some of it, some of the outcome of it, talking precisely, some of the monies and the gains fell less from such, like after the war, slush funds embezzled to production structures that we have in place. So, I mean, very little to show in terms of structural improvement and investment in medication, as you know, as it's on strike so many, just we decided not to take it. So those are the kind of slush fund that will have been invested to drive socioeconomic development, to improve infrastructure, to stimulate economic development and growth. But naturally, trust me, even the state government, because most of, let me not say most of them, a significant number of the state government in Nigeria, bankrupt, technical bankrupt, no project, good bankruptcy now, will not allow for that government to save for any days. We had it before, when the WELA regime were state governments or state government glamour for sharing, or for strategic results until that got depleted. So even if Nigeria is able to save three loans as a result of... Okay, okay, so Nigeria cannot benefit, you don't see it because of corruption. All right, well, analysts are listing Venezuela, Iran, the U.S. aid as possible options, should that take effect. Do you see how other oil producing countries going to be able to harness this to benefit us? When a doctor of other oil producing countries, they definitely have been able to diversify the economy and economies and they have other stuff like, for instance, UAE now, doesn't really depend so much on crude oil, though it still forms a major chunk of their hand. But they are huge in terms of, for instance, the same table of Saudi Arabia and other countries or other Middle East countries that you might want to reference. And corruption is not as right in those countries because of course, in some cases, that has capital punishment. And not advocating capital punishment, corruption here, definitely not. But, you know, having that kind of push-phone at the time the country is going into election definitely being a kind of distortion in our economy. And I'm already distorted the economy. Well, thank you so much, Professor. Time will not allow us to continue with this conversation. Professor Yemi Oke, is a professor of energy electricity law, University of Lagos. Thank you so much for your time. Hello. Hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.