Russia

Kremlin: Russian oil embargo would squeeze Europe, not US

Oil rig in Oklahoma
AP/Sue Ogrocki, file

A spokesperson for the Kremlin warned Monday against the oil embargo proposed by members of the European Union, saying it would put pressure on Europe but not on the U.S.

Russia says that the embargo would cut off energy supplies to many member nations of the EU, potentially causing economic turmoil.

“Such an embargo would very seriously impact the global oil market, very badly impact energy balance on the European continent,” Kremlin spokesperson Dmitry Peskov said, according to Reuters.

 The European Union is divided on how much more to sanction Russian oil over its invasion of Ukraine. Some say Russia’s assault on Mariupol, which EU foreign policy chief Josep Borrell called “a massive war crime,” demands sanctions on the Kremlin’s sizable energy sector.

Others point to the reliance much of Europe has on Russian energy and say that potential additional Russian actions, like the use of chemical weapons or bombardment of Kyiv, would merit a fifth round of EU sanctions. The EU relies on Russia for 40 percent of its total gas imports, far more than the amount exported to the United States.

“Americans would remain as they are and would feel much better than Europeans,” Peskov said of a potential oil embargo. “This would be hard for Europeans – such a decision would hit everyone.”

The U.S. and U.K. have already placed sanctions on Russian oil.

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