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FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson

Kremlin: Oil embargo would hit global market hard

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  • Kremlin: Oil embargo will hit global market
    Kremlin: The oil embargo will hit the global market hard

The Kremlin said on Saturday that Russia has always been and remains a country looking for mutually beneficial interaction with foreign businesses.

“We hope that sooner or later our position will be conceived by those countries – the European countries, NATO countries – which now take such an overemotional stance and refuse to understand so many obvious things,” Kremlin Spokesperson Dmitry Peskov told journalist, addressing the question about the Kremlin’s views on Russia’s isolation amid sanctions.

Moscow hopes the West will change its “overemotional stance” on Russia, which includes the refusal to “understand obvious things,” Peskov said.


Moreover, some sectors of Russian markets will wait for these companies, while in other fields they will be replaced by businesses from other countries, Peskov noted, when asked whether Russia will make any conclusions about the bygone foreign enterprises regarding their possible return in time.

“This is a normal economic process,” Peskov added.

Extraordinary economic situation requires extraordinary measures

The Russian economy is in an extraordinary situation, which requires extraordinary measures and daily consultations with President Vladimir Putin, Peskov said.

Russian daily Kommersant claimed on Friday that Russian authorities are considering decriminalizing the use of unlicensed software if it comes from the nations that imposed sanctions, citing a source and a document on urgent steps to boost the Russian economy under sanctions.

“The situation is extraordinary, and it requires extraordinary measures — non-standard, extraordinary, and brave, the measures that will best support our interests,” Peskov said.

The plans are updated on a regular basis, and a government team is working on them, according to the Kremlin Spokesperson. “Of course, there are regular daily consultations with the president as well,” Peskov added.

The plans will include a handful of measures, he said.

“Russia will counter these economic bandits in one way or another, choosing the measures that will best support our interests,” Peskov said.

A potential embargo on Russian oil could hit global energy markets

A potential embargo on Russian oil will have serious consequences and may heavily unbalance the global energy markets, Peskov stressed.

He added, “We carefully monitor this topic. Of course, this is a situation that could seriously unbalance the global energy markets. Quite serious consequences would be unavoidable.”