Ukraine: European oil embargo would hit everyone, Russia warns

From Ogundele Olanrewaju

An embargo on Russian oil imports, pushed for by some European countries over Moscow’s military action in Ukraine, would have a direct impact on everyone, the Kremlin said Monday.

Some EU countries including Baltic states have called for an embargo on Russian oil and gas, while Germany has opposed an outright halt on Russian energy imports.

EU foreign ministers on Monday are meeting to discuss the situation in Ukraine and the possible tightening of sanctions.

US President Joe Biden is set to attend an EU summit on Ukraine on Thursday in Brussels that will debate energy prices and supply security.

Kremlin spokesman Dmitry Peskov told journalists that an oil embargo “is a decision that will hit everyone”.

“Such an embargo will have a very serious impact on the world energy market, it will have a very serious negative impact on Europe’s energy balance,” he said.

The United States this month announced a ban on Russian oil and gas, while Britain has said it will cut out Russian oil imports by the end of this year.

Peskov said that the Americans will be less affected by such a measure, and “will feel much better than the Europeans. It will be tough for the Europeans”.