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The Kremlin will take steps to “minimize” the impact of the EU embargo on Russian oil

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“These sanctions will have a very negative impact on Europe, on us and on the entire world energy market,” warns a spokesman for the Russian presidency, Dmitry Peskov, according to News.ro.

“But there is a reorientation (of the Russian economy), which allows us to minimize the negative consequences,” the quoted source said.

The leaders of the 27 member states of the European Union, meeting in Brussels, have agreed to phase out the export of Russian oil to the EU, according to an announcement made on Monday evening by the President of the European Council, Charles Michel.

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This reduction, which will be implemented by the end of the year, “immediately covers more than two-thirds of Russia’s oil imports, cutting off a huge source of funding for its war machine and putting maximum pressure on Moscow to do so.” to end the conflict, “Charles Michel wrote on Twitter.

According to European Council representatives, the sanctions package will cover crude oil as well as oil products delivered from Russia to member states, but a temporary exception will be introduced for pipeline crude oil. The President of the Council stated that the sanctions will have an immediate impact on 75% of Russian oil imports, and that by the end of the year 90% of Russian oil imported into Europe will be banned.

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