Deputy Prime Minister Alexander Novak warned that 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 and its allies have been mulling over the question of banning oil imports from Russia in a bid to punish the latter for its invasion of Ukraine. However, Germany and the Netherlands rejected the plan on Monday.

The EU gets about 40 per cent of its gas and 30 per cent of its oil from Russia, and does not have alternative supply sources if supplies are disrupted.

Novak said it would be "impossible to quickly find a replacement for Russian oil on the European market" warning that even if they did find other sources it will be mightily expensive for the European consumers.

Russia is the world's top producer of natural gas and second biggest producer of crude oil. Ukraine has been pressing the West to adopt such a ban, but there are concerns it could send oil prices soaring.