The Ministry of Energy spoke about the impact of sanctions on the oil market

MOSCOW, 14 Sep — PRIME. The sanctions policy and the ESG agenda of Western countries have deprived the world of five to six million barrels of oil per day, said First Deputy Energy Minister of Russia Pavel Sorokin.

The head of the European Commission ruled out the easing of anti-Russian sanctions

“What is happening today in the global energy market is not a consequence of the events of the past few months. It is a consequence of the consistent policy that Western countries have been building over the past decade. Those sanctions restrictions that we see that were imposed not only on Russia, but and a number of other countries, as well as the green agenda, that is, the ESG agenda of the last 10-15 years, has led to a significant lack of investment in traditional energy sources,” the Deputy Minister of Energy said at the St. Petersburg International Economic Forum, adding that the anti-Russian sanctions regime ” deprived the world of five or six million barrels a day.”

According to Sorokin, the ESG agenda leads to the fact that traditional energy sources miss at least 250-270 billion euros of investment per year.

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He stressed that the slowdown in growth in demand for oil and gas in the developing countries of Latin America, Africa, and the Asia-Pacific region affects the entire world economy, increasing the risks of a recession. At the same time, the representative of the department is sure that Russia has been and remains one of the largest and most reliable energy suppliers.


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