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Eastern Economic Forum

Russia able to adapt to EU oil embargo — Energy Minister

Сompanies are meeting demands of the domestic market and conditions of export contracts in full scope, Russian Energy Minister Nikolay Shulginov said

VLADIVOSTOK, September 6. /TASS/. The national fuel and energy sector has managed to adapt to Western sanctions, Russian Energy Minister Nikolay Shulginov told TASS in the interview at the Eastern Economic Forum.

"We are coping [with the satiation]. Certainly, difficulties arise with readjustment of logistical schemes and equipment maintenance but the oil and gas sector is adapting to the pressure. It can be stated with confidence now that companies are honoring their assumed commitments: meeting demands of the domestic market and conditions of export contracts in full scope," Shulginov said.

Russian oil producers will be able to adapt to the forthcoming embargo of the European Union on crude oil and petroleum products import, which will be effect from December 2022 and February 2023 accordingly, the Minister noted.

"Yes, we are adapting and will find solutions in December and in February. Clearly we have problems but we are overcoming them, turning transport flow from the West to the East," Shulginov added.

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Eastern Economic Forum

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