Russia has warned that the EU’s decision to partially phase out Russian oil is a “self-destructive” step that could backfire on the bloc.
On Monday, EU member states said 90% of oil imports would be cut by the end of this year, as part of further sanctions to punish Moscow for invading Ukraine.
But Russia’s foreign ministry says the move is “highly likely to provoke further price increases, destabilise energy markets, and disrupt supply chains”.
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Moscow has also insisted it will not sell its oil at a loss. At a press briefing, the Kremlin said even if demand fell in one part of the world, it would increase in another – and Russian flows would be redirected accordingly.
Oil purchases from Russia by India – the world’s third-largest consumer of oil – have more than doubled from last year, as India takes advantage of discounted prices.
However, European Council chief Charles Michel argues the EU-wide ban will cut off a huge source of financing for the Russian war machine, putting pressure on Moscow to agree a diplomatic solution and bring the invasion to an end.
SOURCE: BBCNEWS
