Russia works for "minimize" impact of the EU embargo on oil (Kremlin)

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Russia is taking measures to “minimize” the impact of the embargo on Russian oil agreed by the European Union in the wake of the war in Ukraine, the Kremlin said on Wednesday.

“These sanctions will have a negative impact for Europe, for us and for the world energy market as a whole. But there is a reorientation [de la economía rusa] which will allow us to minimize the negative consequences,” Kremlin spokesman Dmitri Peskov told a news conference.

European Union leaders agreed on Monday to a partial embargo on Russian oil imports before the end of this year.

Brussels thus hopes to deprive Russia of part of its energy revenues that allow it to finance the war in Ukraine.

This measure is part of the sixth package of European sanctions, which also includes the exclusion of three Russian banks from the SWIFT system.

Moscow tends to play down the impact of Western sanctions on its economy.

Despite the partial oil embargo, Russia still has gas exports to Europe, much more important than crude oil.

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