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Moscow calls EU move to phase out Russian oil 'self-destructive'

Published 06/02/2022, 07:49 AM
Updated 06/02/2022, 07:58 AM
© Reuters. An aerial view shows oil tank cars and railroad freight wagons in Omsk, Russia May 24, 2022. Picture taken with a drone. REUTERS/Alexey Malgavko/File Photo

© Reuters. An aerial view shows oil tank cars and railroad freight wagons in Omsk, Russia May 24, 2022. Picture taken with a drone. REUTERS/Alexey Malgavko/File Photo

(Reuters) -Russia warned on Thursday that the European Union's decision to partially phase out Russian oil was likely to destabilise global energy markets, calling it a 'self-destructive' step that could backfire on the bloc.

EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions since the start of the invasion of Ukraine, which Moscow calls a "special military operation".

"The European Union's decisions to partially phase out Russian oil and oil products, as well as to ban insurance on Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," Russia's foreign ministry said in a statement.

The 27-country EU has hit Russia with multiple rounds of sanctions since Moscow sent troops into Ukraine in February, demonstrating uncharacteristic speed and unity given the complexity of the measures.

The Kremlin said on Thursday that the oil sanctions would hurt global oil flows and destabilise the world's energy market.

"But, of course, Russia will not sell anything at a loss. If somewhere demand is falling that means that in another place it is increasing - the flows are re-routed," Kremlin spokesman Dmitry Peskov told his daily conference call with reporters.

© Reuters. An aerial view shows oil tank cars and railroad freight wagons in Omsk, Russia May 24, 2022. Picture taken with a drone. REUTERS/Alexey Malgavko/File Photo

European Council President Charles Michel said the move to phase out Russian oil would deprive Moscow of a huge source of financing and put pressure on it to end its military campaign, but Moscow warned that the measures would end up harming the EU's economy.

"Brussels and its political sponsors in Washington bear full responsibility for the risk of an exacerbation in global food and energy issues caused by the illegitimate actions of the European Union," Russia's foreign ministry said.

Latest comments

This is all the FAULT of the so called Western Democracies and NATO forcing Russia to give up its Sovereignty and be a Puppet Nation.Now they of course want the Western citezens to pay for this mess in dollars and blood !One Message to the puppet Western leaders and their Masters    ...
Mental health is very important, my friend.
Indeed. What has only changed that, now, they are buying the same oil via India or Afrika with some interest. Russian economy has never been better.
another widow of the nato dreaming like those third rated jokers jhelensky, jhonson and slow(joe). Ask China to stop engaging with Russia, and the u(you).s(ass) is like a mouse hen dealing with China. u(you).s(ass) cannot even deal with North Korea. It is declining power ruled by worst president and most incompetent kamla.
Ask China to stop engaging with Russia, US is like a mouse hen dealing with China. US cannot even deal with North Korea. It is declining power ruled by worst president and most incompetent kamla. China and India time tested friends of Russia.
and rotten Russia propaganda is in full swing!
Leveling Ukrainian cities/towns & nuclear power plants is also destructive.
Just remember that prior to that Ukranians has levelled eastern provinces with mostly russian population for 8 years *****14,000 people.
blatant lie
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