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Lifting sanctions against Russia would lead to lower world energy prices — minister

Russia benefits from the current situation in the global energy market, the Minister of Finance believes

MOSCOW, July 12. /TASS/. Removing restrictions imposed by the West against Russia would lead to declining global prices for energy resources and food, Russian Finance Minister Anton Siluanov said in an interview with Vedomosti.

"How long high energy prices stay will depend on the dynamics of the global economy and the duration of the restrictions imposed by Western countries," Siluanov said.

Answering the question about whether lifting restrictions would lead to markets "cooling down" and finding balance, he said, "Of course. And this also applies to food, energy resources, and logistics, i.e. all those goods and services that fall under sanctions."

According to the minister, Russia benefits from the current situation in the world energy market. "The situation is positive for Russia due to high energy prices, but for the rest of the world the situation is rather grim. Such high commodity prices are caused by restrictions imposed by Western countries. They wanted to punish Russia, but they punished themselves. Even with discounts on Urals against Brent, we receive good oil and gas revenues. Simple laws of supply and demand work," Siluanov said.

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