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Russia expects no sharp drop in production of petroleum products due to EU’s embargo

On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force

ALMATY, February 3. /TASS/. Russia sees no grounds for a sharp reduction of crude refining and production of petroleum products due to the EU’s embargo on Russian fuel to be enforced on February 5, Russian Energy Minister Nikolay Shulginov told reporters on Friday.

"Once the embargo is enforced we will see what it will result in. We have no grounds so far to believe that refining or production of petroleum products will go sharpy down," he said.

On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia also agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023 the price ceiling for Russia’s petroleum products will be enforced, with their parameters to be set later.

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