Russia Sharpens Criticism of 'EU Oil Embargo'... "European Consumers Will Suffer the Most"

Russian Foreign Ministry: "Anti-Russia Sanctions Will Have Self-Destructive Effects"

Russian state-owned gas company Gazprom.
Photo by Yonhap News

[Asia Economy Reporter Na Ye-eun] Russia has warned that "Europe will be the first to face an oil shortage" in response to the European Union (EU)'s ban on Russian oil imports.

According to AFP, Deputy Prime Minister Aleksandr Novak stated in an interview with the Russian news channel 'Russia 24' on the 2nd (local time) that "the EU's (sanction) decision is more political than economic," and claimed that "European consumers will suffer before anyone else."

Earlier, the leaders of the 27 EU countries held a meeting in Brussels, the capital of Belgium, on the 30th and 31st of last month, adopting the 6th round of sanctions, which include banning 92% of Russian crude oil imports by the end of this year and excluding Russia's largest bank, Sberbank, from the international remittance and payment system 'Society for Worldwide Interbank Financial Telecommunication (SWIFT).' The sanctions adopted by the EU take effect immediately upon publication in the official journal.

Due to opposition from Hungary, which depends on Russian crude oil for 65% of its supply, the EU decided to ban only oil transported by ship, excluding pipeline imports.

In response, Novak added, "Russian oil products can enter markets outside Europe, but European manufacturers will have to find new raw material supply lines that they have reliably built over decades."

The Russian Foreign Ministry also stated in a press release on the same day that "unilateral anti-Russian sanctions will have self-destructive effects on the EU," and that "the EU's (sanctions) measures are likely to cause further increases in energy prices, destabilize the market, and disrupt supply chains."

Furthermore, it said, "Ultimately, these actions will backfire and worsen the EU's economic and energy security," and "the responsibility for the worsening global food and energy problems caused by the EU's actions lies entirely with Brussels and Washington."