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Anti-Russian sanctions

Sanctions on Russia will reduce oil supplies to the world, push oil prices up — Dmitriev

Kirill Dmitriev also noted that the share of Russia's export transactions in dollars and euros has fallen to 18%, with approximately 40% of trade now conducted in rubles

RIYADH, October 29. /TASS/. Sanctions against Russian companies will reduce oil supplies on the global market and will lead to a surge in oil prices, said Kirill Dmitriev, Special Presidential Representative for Economic Cooperation with Foreign Countries, CEO of the Russian Direct Investment Fund (RDIF).

"Sanctions on Russian oil will reduce oil supplies to the world, will increase oil prices in the world because Russia cannot really be substituted in full," he said, speaking at the Future Investment Initiative conference in Saudi Arabia.

Dmitriev also noted that the share of Russia's export transactions in dollars and euros has fallen to 18%, with approximately 40% of trade now conducted in rubles.

"Our export settlements in dollars and euros [have] declined to just 18% and around of 40% of trade is happening in rubles. Around 40% is happening in other currencies. As a result, we really see this currency move to local currencies because they are not weaponized as sometimes dollar is," he said.

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Sanctions vs. Russia

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