08 Mar 2022 --- The packaging industry could be facing “catastrophic” price rises for oil and gas, as Russia threatens to cut off all supplies to Europe, including through the Nord Stream pipelines, in retaliation to Western sanctions imposed due to the invasion of Ukraine. Russia’s deputy prime minister Alexander Novak last night warned that if the EU decides to restrict Russian crude exports further, prices could rise to over US$300 per barrel. Germany is currently under pressure from the US administration to impose further divestment and sanctions on one of the Kremlin’s primary economic resources but has so far refused to do so, fearing unsustainable financial consequences.
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