Kremlin: We can redirect oil exports to reduce losses

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The Kremlin warned today that European Union sanctions against Russian oil will hit the global energy market, but said Moscow could redirect its exports to limit its own losses.

EU leaders agreed this week on an embargo on Russian crude imports that aims to cut 90% of Russian oil sales to 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 Kremlin spokesman Dmitry Peshkov.

More than a quarter of Europe’s oil came from Russia in 2021, with 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 have been high for many years since Russia invaded Ukraine on February 24, pushing inflation to its highest level in a generation and sparking fears of a cost-of-living crisis in Europe and the United States.

Moscow has already begun redirecting its exports beyond Europe following sanctions, the Kremlin said.

“It is a targeted, systemic action that will allow us to minimize the negative consequences,” Peshkov told reporters today.

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