Russian Foreign Ministry: The European Union’s abandonment of Russian oil will lead to higher energy prices

The Russian Foreign Ministry announced that the European Union’s partial abandonment of Russian oil and petroleum derivatives may lead to further rises in energy prices and destabilize global energy markets.

The Russian Foreign Ministry said in a statement today, carried by the Russia Today website, that this step will also lead to the disruption of supply chains, which will undermine the economy of the European Union.

The statement added: “It is clear that the main elements of the next package of unilateral restrictions on Russia agreed under the banner of combating dependence on Russia will have a devastating impact on the European Union.”

Oil prices rose earlier this week after the European Union imposed a partial embargo on Russian oil by the end of this year.

NR