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14:14 03 Sep 2022

EU's oil embargo to reduce Russia's income by at least 40% in 2023 - Ukraine's energy minister Galushchenko

The EU's oil embargo against Russia next year will reduce the aggressor's income by at least 40% in 2023.

Ukraine's Minister of Energy German Galushchenko said this in a Facebook post.

"The start of the EU's oil embargo will reduce Russia's oil and gas revenues by at least 40% in 2023. This, in turn, will lead to a reduction in oil production by about 20% already at the beginning of next year," Galushchenko wrote.

He noted that the decision to limit prices for Russian oil, which was announced by G7 members, will be consistent with the schedule of the EU's sixth package of sanctions against Russia.

"The solidarity of world leaders, the strengthening of sanctions pressure on Russia, the deprivation of its traditional revenues are gradually slowing down the Russian military machine," the minister said.

According to Galushchenko, the continuation and expansion of restrictions on the sale of Russian mineral resources will make it possible to finally stop the aggressor.

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