Shutterstock Save for later Print Download Share LinkedIn Twitter Natural gas prices have skyrocketed in Europe in response to the reduction of Russian flows via the Nord Stream 1 pipeline just to 20% of capacity. It begs the question: could the same thing happen in oil markets? Russian President Vladimir Putin has warned that it could in the face of Western embargoes on Russian oil and a developing price cap scheme. "We hear all sorts of crazy ideas about capping the volume of Russian oil imports or the price of Russian oil," Putin told reporters during his recent visit to Tehran. "This is going to lead to the same situation as with gas. The result will be the same — rising prices." In both oil and gas markets this year, Russia has shown that rising global commodity prices can offset lower sales volumes and result in higher income for Moscow.