MOSCOW, January 30. /TASS/. The Russian Ministry of Energy considers the sanctions imposed by the United States against the Venezuelan state-owned oil company PDVSA illegal, Minister Alexander Novak told reporters.

"We believe that the sanctions that were imposed are illegal and violate international law," he said.

Novak noted that it is currently impossible to assess the impact of these sanctions on oil production in Venezuela. "As for Venezuela, it is not yet possible to say what the consequences in terms of production will be for the republic," he added.

Oil market 

The Russian Energy Ministry does not see greater volatility of oil prices because of the situation in Venezuela and introduction of US sanctions against Venezuelan PDVSA.

"You see, markets are calm now. Actually no volatility," the minister said.

Russia does not see the need to convene an extraordinary meeting of OPEC+ because of the situation in Venezuela. "No, we didn’t discuss this situation with Saudi Arabia’s Energy Minister and other ministers. There is no reason to convene an extraordinary meeting of OPEC+. At least, the Russian side sees no reason," he said.

On January 28, the US Administration introduced sanctions against the Venezuelan state-owned PDVSA. The US Treasury Department promised at the same time to issue temporary licensing authorizing "certain transactions" of the oil and gas company. Citgo Petroleum, the US subsidiary of PDVSA, can continue work, provided that funds earned by it will remain at accounts blocked in the US and will not be remitted to PDVSA.