Foreign Ministry warned of destabilization of the energy market due to sanctions on oil

MOSCOW, 28 Sep — PRIME. Limiting the price of Russian oil in the EU will lead to further destabilization of the energy market and will primarily hit consumers, said Russian Deputy Foreign Minister Alexander Grushko.

“If they (EU countries – ed.) set prices, this will lead to further destabilization of energy markets, higher prices, higher volatility – and all this will affect consumers first of all,” he said.

Grushko stressed that the actions of the European Commission expanded Moscow’s understanding “of the horizons of the possible in international relations.”

The Deputy Foreign Minister noted that European sanctions were aimed at Russia, but their consequences affected other countries, including European ones.

Earlier, Politico reported that the European Commission on Wednesday will propose to the EU countries new sanctions against Russia, including limiting the price of Russian oil. According to Bloomberg, the EU also wants to ban the transportation of oil from the Russian Federation, purchased in volumes exceeding the agreed limit.

Western countries have introduced tough restrictive measures against Russia in connection with a special operation in Ukraine. The sanctions also affected the energy sector. Against this backdrop, Europe is faced with an intensifying energy crisis, rising fuel prices and a shortage of raw materials.

In early September, the finance ministers of the G7 member countries agreed to limit the price of Russian oil. As noted, the initial level of price caps will be adopted on the basis of technical aspects and may be revised in the future. In addition, it is allowed to introduce additional measures to ensure the effectiveness of the introduced measure.