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Logistical problems destabilize global energy market -- Kremlin

The ongoing problems with logistics will destabilize the global oil market, but Russia will not sell energy resources at a loss, Russian presidential spokesman Dmitry Peskov said on Thursday.

"This is an economic issue. The fact is that logistical problems continue, leading to destabilization of the global energy market," the Kremlin spokesman said. He stressed that "Russia will not sell anything at a loss."

Answering a question about whether the Kremlin sees the risks of a critical decline in prices for raw materials due to external pressure, Peskov said: "In any case, the market regulates everything, despite the artificial difficulties due to sanctions."

Earlier, US President Joe Biden said that the EU countries discuss the possibility of buying Russian oil below the market price.

EU members on Monday approved the union's sixth package of sanctions against Russia, which includes a partial embargo on imports of Russian oil and disconnecting Sberbank from the SWIFT international transaction system. The ban on oil purchases will come into effect six months after the sanctions come into force, while the embargo of imports of oil products will go into effect after eight months. The embargo will impact tanker deliveries but won't affect the Druzhba oil pipeline. According to Transneft, oil exports to non-CIS countries via the Druzhba pipeline in 2021 reached 35.9 mln tonnes.

[Source: Tass, Moscow, 02Jun22]

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