If EU countries impose an embargo on Russian oil exports, energy access for EU countries and global markets will be “seriously” hit, Kremlin spokesman Dmitry Peskov told reporters on Monday.
Peskov’s remarks came following reports that EU countries are considering further sanctions targeting Russian oil exports.
In response to the possibility of such sanctions and their likely consequences, Peskov warned that Europeans 'will have a hard time' if they choose to ban Russian oil exports, Russian news agency TASS reported.
'Indeed, as far as we know, they are actively discussing imposing an embargo on the supply of [Russian] oil. This topic is very complicated because such an embargo will have an impact, and will very seriously affect the global oil market in general,' Peskov said.
He added that unlike the US, which adopted sanctions on Russian oil earlier in March, EU sanctions would significantly damage Europe's energy balance.
Russia is the third-largest oil producer, which is dependent on fossil fuel exports for 40% of its federal budget and supplies approximately 8% of global demand.
Europe relies on Russia for a quarter of its crude oil, which in 2021 reached almost €5.8 billion, according to a new tracking tool by Europe Beyond Coal along with the Centre for Research on Energy and Clean Air.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr