Russia is taking measures to “minimise” the effects of a partial oil embargo imposed by EU countries to punish Russia for its military campaign in Ukraine, the Kremlin said Wednesday.
“Sanctions will have a negative effect for Europe, us and the whole global energy market,” Kremlin spokesman Dmitry Peskov told reporters.
Peskov added that a “reorientation” was underway to find alternatives for the oil that will no longer be sold to Europe.
“These are purposeful, systematic actions that will allow us to minimise the negative consequences,” he said.
After President Vladimir Putin sent troops into Ukraine on February 24, Russia was hit with a barrage of sanctions that targeted its economy and financial institutions.
At a summit on Monday, the EU agreed to a sixth package of sanctions on Moscow that will see the majority of Russian oil stopped, but exempted supplies by pipeline in a concession to Hungary.
EU countries have also scrambled to reduce their dependency on Russian natural gas but are divided over the possibility of introducing a full embargo.
