23 Dec 2022, 14:20

Prices for petroleum products in EU may soar as Russian supplies embargoed, says Novak

It is reported that the restrictions on supplies of petroleum products from Russia to European countries will be enforced on February 5, 2023

MOSCOW, December 23. /TASS/. European countries will have to work hard to replace Russian petroleum products after the embargo on their supplies goes into effect, Russian Deputy Prime Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday, adding that prices may soar on the European market.

The embargo on supplies of Russian petroleum products to Europe will take effect beginning in February 2023, he noted. "And it is a very uncertain moment from the viewpoint of what Europe will replace Russian petroleum products with. We will sell petroleum products all around the world, whereas Europe will have to work hard to cover the emerging deficit. Meanwhile, prices for petroleum products may substantially rise on the European market," Novak added.

The decision to embargo Russian oil supplies to EU countries took effect on December 5, though as of yet, it does not cover deliveries through the Druzhba oil pipeline to Hungary, Slovakia and the Czech Republic. Meanwhile, the restrictions on supplies of petroleum products from Russia to European countries will be enforced on February 5, 2023.

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Alexander Novak

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