Russia: Oil Embargo Would Hit Energy Balance in Europe

By Staff, Agencies 

Kremlin spokesman Dmitry Peskov warned that “everyone”, including Europe, would be hit hard in the event of an embargo on Russian oil.

“Indeed, as far as we know, the issue of an embargo on the supply of [Russian] oil is actively being discussed. This topic is very complicated, because such an embargo will very seriously affect the world oil market in general,” Peskov told reporters on Monday.

The Kremlin spokesman added that a possible decision to boycott Russian oil "will seriously affect the energy balances on the European continent for the worse."

“At the same time", he went on to say, “The Americans will remain on their own - this is obvious - and will feel much better than the Europeans, who will have a tough time”. Peskov underscored that such an embargo on Russian oil might "probably" be "a decision that will hit everyone."

The statement comes amid a push by some European Union foreign ministers for an oil embargo as part of further sanctions against Russia over its ongoing special operation in Ukraine.