Russia says it can re-route oil exports to minimise losses from EU embargo

1/6/2022 3:01:00 PM

Russia says it can re-route oil exports to minimise losses from EU embargo

would hit the global energy market, but said Moscow could re-route exports to limit its own losses.EU leaders this week agreed on an embargo on Russian crude oil imports that aims to halt 90 per cent of Russia's oil sales into the 27-member bloc by year-end.

"These sanctions will have a negative impact on the entire continent - for Europeans, for us, and for the entire global energy market," Kremlin spokesman Dmitry Peskov told reporters.More than a quarter of Europe's oil came from Russia in 2021, with the EU accounting for almost half of Russia's overall crude and petroleum product exports in 2021, according to the International Energy Agency (IEA).

Read more:
ST Foreign Desk »

Defu Lane workshop fire: Witness heard loud boom while watching World Cup match

A fire broke out at a vehicle workshop along Defu Lane 12, near Bartley Road East, on Friday evening. Read more at stomp.straitstimes.com Read more >>

Senior Ukraine official says EU sanctions on Russia still 'not enough'MADRID: The latest European Union sanctions on Russia, which ban most imports of its oil, are \u0022not enough\u0022 and the pace of sanctions so far has been too slow, a senior official in the Ukrainian president\u0027s office said in a speech in Madrid on Tuesday (May 31). In the bloc\u0027s toughest reprisals against Mosco

Biden rules out sending rocket systems 'that can strike into Russia' to Ukrainestraits_times Rocket system or call it by whatever name, enough is enough. No more war. President Biden should lead the process of ending this disastrous war. At the end of the day, we are all losers.

US will not send Ukraine rocket systems that can reach Russia, says BidenWASHINGTON: The United States will not send Ukraine rocket systems that can reach into Russia, President Joe Biden said on Monday (May 30). The comments followed reports that the Biden administration was preparing to send advanced long-range rocket systems to Kyiv for its fight against Russia. \u0022W What if they place them right at the border smlj logic, when the ukraine troops also did fire into russia borders. but since its a war, its fair that ukraine can fire into russian territory as long as it is not civilian areas.

Georgia's breakaway region of South Ossetia ditches referendum on joining Russia

Russia cuts gas to Dutch energy firm GasTerra, Denmark could be next

Russia oil sanctions to burden strained supplies - Reuters pollTensions over Ukraine will continue setting the tone for oil markets in coming months, with the European Union's ban on most Russian imports sapping already constrained global crude supplies, a Reuters poll showed on Tuesday. A survey of 33 economists and analysts forecast Brent crude would average

the European Union's sanctions on Russian oil would hit the global energy market, but said Moscow could re-route exports to limit its own losses.LinkedIn MADRID: The latest European Union sanctions on Russia, which ban most imports of its oil, are"not enough" and the pace of sanctions so far has been too slow, a senior official in the Ukrainian president's office said in a speech in Madrid on Tuesday (May 31).Copy to clipboard https://str.LinkedIn WASHINGTON: The United States will not send Ukraine rocket systems that can reach into Russia, President Joe Biden said on Monday (May 30).

EU leaders this week agreed on an embargo on Russian crude oil imports that aims to halt 90 per cent of Russia's oil sales into the 27-member bloc by year-end. "These sanctions will have a negative impact on the entire continent - for Europeans, for us, and for the entire global energy market," Kremlin spokesman Dmitry Peskov told reporters. "If you ask me, I would say far too slow, far too late and definitely not enough," Ihor Zhovkva, deputy head of President Volodymyr Zelenskyy's office, said. More than a quarter of Europe's oil came from Russia in 2021, with the EU accounting for almost half of Russia's overall crude and petroleum product exports in 2021, according to the International Energy Agency (IEA). "We're not going to send to Ukraine rocket systems" that can reach into Russia, Biden told reporters after arriving back at the White House after a weekend in Delaware. Energy prices have surged to multi-year highs since Russia invaded Ukraine on Feb 24, pushing inflation to its highest levels in a generation and sparking fears of a cost of living crisis in Europe and the United States. "We are definitely not satisfied," Zhovkva said in response to a question after his speech. Moscow has already started re-routing supplies away from Europe following the imposition of sanctions, the Kremlin said. It was not clear which system Biden was referring to in his remarks.

"This is a targeted, systemic action that will allow us the minimise the negative consequences," Mr Peskov told reporters on Wednesday."We believe in promises. CNN and The Washington Post reported on Friday the Biden administration was leaning towards sending that and another system, the High Mobility Artillery Rocket System, known as HIMARS, as part of a larger military aid package to Ukraine. India is among those who have cashed in on the disruption to Russian supplies, purchasing record amounts of Russian oil at a steep discount to market rates for benchmark crude. More On This Topic .