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Arctic oil and gas moratorium to undermine market stability — Russian Foreign Ministry

It is obvious that attempts to solve global environmental challenges on account of artificial restriction of economic activity in a separately taken region do not hold water, Maria Zakharova pointed out

MOSCOW, October 28. /TASS/. The moratorium on hydrocarbons production in the Arctic proposed by the European Commission would undermine the global energy market resilience, official spokeswoman of the Russian Foreign Ministry Maria Zakharova said at the briefing on Thursday.

"Abandonment of oil and gas produced in the Arctic instead of a focus on a cooperative effort for development of a package of measures for greenhouse gas emissions through rollout of the best available technologies can lead to undermining of the global energy market, which can in its turn result to much more serious shocks as compared to the ones we now see in Europe," Zakharova said.

"It is obvious that attempts to solve global environmental challenges on account of artificial restriction of economic activity in a separately taken region do not hold water," she added.

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