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Russia may increase oil supplies to EU in case of sanctions against Iran

Russia does not rule out the possibility of increasing oil export to the EU countries due to an embargo on oil import from Iran

Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

BRUSSELS, March 28 (Itar-Tass) —— Russia does not rule out the possibility of increasing oil export to the EU countries due to an embargo on oil import from Iran, Deputy Energy Minister Anatoly Yanovsky has said.

“It is obvious that a reduction of oil supplies from Iran to the European market will bring about an increase in the export of oil to the European market from various countries, including Russia,” he told a news conference.

“The increase will depend on several factors. Firstly, the possibility of substituting Iranian oil with different oil blends. Secondly, on transport capabilities. And thirdly, on the possibility of increasing production on the condition of meeting domestic needs. We shall see the statistics results in several months’ time,” he said.

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