The Kremlin warned today that the European Union sanctions against Russian oil will hit the world energy market, but stated that the Moscow may redirect its exports to limit its own losses.
EU leaders agree this week on an embargo on Russian crude imports aimed at halting 90% of sales Russian oil in the EU by the end of the year.
«These sanctions will have a negative impact on the whole continent – for Europeans, for us, and for the entire global energy market, said the Kremlin spokesman Dmitry Peshkov.
More than a quarter of Europe’s oil came from Russia in 2021with the EU accounting for almost half of Russia’s total exports of crude oil and petroleum products in 2021, according to the International Energy Agency (IEA).
Energy prices, according to the APE-MPE, have risen to high levels for many years since Russia invaded Ukraine on February 24, raising inflation at its highest levels for a generation and sparking fears of a cost-of-living crisis in Europe and the US.
Moscow has already begun redirecting its exports beyond Europe following sanctions, the Kremlin said.
“It’s a targeted, systemic action “It will allow us to minimize the negative consequences,” Peshkov told reporters today.
Source: News Beast
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