Russia Shrugs Off EU’s Partial Oil Embargo. Says It Will Find Other Customers For Its Crude

 

CNBC: Russia hits back at the EU’s partial oil embargo, says it will find other importers for its crude 

* The European Union on Monday agreed to ban most Russian oil imports by the end of the year as part of new measures designed to punish the Kremlin over its invasion of Ukraine. 

* Responding to the measures, Mikhail Ulyanov, Russia’s permanent representative to international organizations in Vienna, said the oil ban reflects negatively on the bloc. 

* “As she rightly said yesterday, #Russia will find other importers,” Ulyanov said via Twitter, referring specifically to European Commission President Ursula von der Leyen. 

Moscow has pledged to find other importers for its oil shortly after the world’s largest trading bloc agreed to impose a partial embargo on Russian crude. 

The European Union on Monday decided to ban most Russian oil imports by the end of the year as part of new measures designed to punish the Kremlin over its unprovoked invasion of Ukraine. 

The move was hailed by EU foreign policy chief Josep Borrell as a “landmark decision to cripple [Russian President Vladimir] Putin’s war machine.”  

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Update: Moscow Shrugs Off EU Oil Ban: 'Russia Will Find Other Importers' (Zero Hedge/Epoch Times) 

WNU Editor: Russia will find other customers for its oil. The commodity is vital to the global economy, and there are shortages. 

The problem for Russia is that it will take time to find new customers for its oil, and Russian oil companies will then need to make arrangements with other customers on how to be paid. 

But as difficult as this will be for Russia, the EU will be impacted even more. They will need to find new suppliers, and it will definitely be more costlier because this new oil will need to be delivered by tanker rather than a pipeline. And even that is not a guarantee. Saudi Arabia and the UAE are saying very bluntly that their production capacity is almost at its limit .... Oil Prices Tumble On OPEC-Russia Reports (Zero Hedge).