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.

If you have found a spelling error, please, notify us by selecting that text and pressing Ctrl+Enter.

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.

Spelling error report

The following text will be sent to our editors: