Europe Will Need to Face Negative Consequences of Embargo on Russian Oil - Kremlin

MOSCOW (Pakistan Point News / Sputnik - 01st June, 2022) Europe will need to face negative consequences of Brussels' decision to impose a partial embargo on Russian oil, Kremlin spokesman Dmitry Peskov said on Wednesday, adding that Russia will minimize losses through redistribution to alternative markets.

Late on Monday, the EU leaders reached an agreement on the sixth package of sanctions against Russia stipulating the embargo on Russian oil supplies transported by sea. At the same time, pipeline deliveries will continue as normal for now due to concerns about a negative impact on the economies and energy security of landlocked countries, such as Hungary and Slovakia, as energy prices continue to soar worldwide.

"(Sanctions) will have a negative impact, for Europeans, for us and for the entire world energy market. Of course, we are reorienting the released volumes to alternative directions. This is a purposeful, systemic action that will allow us to minimize these negative consequences. But I repeat once again, Europe and the Europeans are also not free from the negative effect, they will have to go through all this," Peskov told reporters.