According to TASS, the warning comes as the EU considers imposing an embargo on Russian crude as part of its fifth batch of sanctions aimed at increasing pressure on Moscow to halt its military operation in Ukraine.

Novak added that if Western consumers discontinue their purchases of Russian crude, the country will diversify its supply and seek buyers overseas.

Oil prices increased over $4 a barrel on Monday, with global benchmark Brent surpassing $112 by lunchtime GMT, on predictions that the European Union will follow the United States in barring Russian oil imports.

Tuesday's rise in oil prices continued. At 0440 GMT, front-month West Texas Intermediate futures were up $2.20, or 1.96 percent, to $114.32 a barrel on the New York Mercantile Exchange, while front-month Brent futures were $3.18, or 2.75 percent, to $118.80 per barrel on the Intercontinental Exchange.