Russia warned on Thursday that the European Union’s decision to phase out Russian oil would destabilize global energy markets. It called it a “self-destructive” step that could backfire.
On Monday, EU leaders agreed to reduce Russia’s oil imports by 90% by the end of this year. These are the most severe sanctions the bloc has imposed since the invasion of Ukraine. Moscow calls it a “special military operation”.
“The European Union’s decision to partially phase out Russian oil, oil products, and to ban insurance for Russian merchant ships are highly likely to cause further price increases and destabilize energy markets and disrupt supply chains,” Russia’s foreign ministry stated in a statement.
Since February’s invasion of Ukraine, the EU has imposed multiple rounds of sanctions on Russia. This is a remarkable feat of speed and unity considering the complex nature of the measures.
Charles Michel, President of the European Council, stated that Russia’s decision to cut off oil from Russia would make it less financially viable and press Moscow to end its military campaign. However, Moscow warned that such measures could endanger the bloc’s economy.
Russia’s foreign ministry stated that “Brussels” and Washington’s political sponsors are fully responsible for any exacerbation of global food and energy problems caused by the illegitimate actions.
