Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former energy minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500 a barrel.”

The UK is preparing to temporarily nationalize Gazprom’s British retail supply arm, Bloomberg reported on Monday. The measure is taken to ensure distressed companies continue energy supplies to customers amid losses due to higher energy costs.

Legalizing cryptocurrency mining and introducing legislation to make it a business activity in Russia would make sense, Deputy Prime Minister Alexander Novak said on Monday. “My personal opinion is that we should legalize it and introduce it into the tax system. We have capacity for that. It is important to have a legislative framework for…