Russian Foreign Minister Sergei Lavrov said today that Western sanctions would not affect his country’s oil exports and predicted a big jump in Russia’s energy export profits this year.

“With the level of prices established as a result of Western policies, we have not suffered any budget losses,” Lavrov told a Bosnian Serb television station, according to the Russian Foreign Ministry.

“On the contrary, this year we will significantly increase the profits from the export of our energy resources,” he said.

On Monday, European Union leaders agreed in principle to cut oil imports from Russia by 90% by the end of the year to punish Moscow for invading Ukraine.

“Oil, in general, does not depend on politics, there is a demand for it … we have alternative markets to sell, in which we are already increasing its sales,” Lavrov said.