Russia claims EU’s oil embargo will worsen global energy crisis

Russia claims EU's oil embargo will worsen global energy crisis

Russia has claimed that the recent EU oil embargo issued on Russia by many European countries will only serve to worsen the current crisis.

Russia has claimed that the EU’s recent oil embargo will only serve to worsen the current global energy crisis. On Thursday, 5, May, Russian state-affiliated media TASS news agency published an article on the matter in which they stated:

“By rejecting Russian oil, the EU risks repeating the last year’s gas ordeal when prices surged from $150 to $1,200 per one cubic meter, Executive Director of the Capital Market Department at Univer Capital Artem Tuzov explained to Izvestia. “And that was without sanctions. Now the situation is more complex. The global energy crisis is not over and the EU is exacerbating it by inflating prices for sources of oil and petroleum products supply alternative to Russian ones. It is precisely Russia, selling oil at a discount, that prevents prices from rising,” the expert noted.”

Russia is currently facing massive economic problems, with the EU oil embargo being followed by further sanctions from countries across the globe. On Wednesday, 4, May, the UK announced further bans and sanctions on Russia. Foreign Secretary Liz Truss announced that Russia would no longer have access to the UK’s “World Class” management consulting, accounting and PR services, which are believed to be critical sectors to the Russian economy, reportedly accounting for 10% of Russian imports in the mentioned sectors.

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Written by

Joshua Manning

Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]