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Kremlin says EU embargo on Russian oil products would lead to market imbalance

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

MOSCOW, February 3. /TASS/. The Kremlin is opposed to the Western embargo on its oil supplies, which comes into force on February 5, as this decision will lead to further market imbalances, Russian presidential spokesman Dmitry Peskov told reporters on Friday.

"We oppose it, as we have already stated. It will lead to further imbalances on the international energy markets. Naturally, we are taking precautions to protect our interests from the risks associated with it," Peskov said.

On December 5, an embargo on maritime Russian oil shipments to the European Union came into force. Moreover, EU states also agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. A similar decision was announced by the G7 and Australia. From February 5, 2023, similar restrictions on the supply of oil products from Russia will come into effect, but the exact price cap level is still unknown.

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