EU Russian Oil Embargo Will Not Lead To Serious Changes In Production In December - Novak

SAMARKAND (UrduPoint News / Sputnik - 02nd December, 2022) EU embargo on Russian oil should not lead to serious changes in production in December, Russian Deputy Prime Minister Alexander Novak said on Friday.

"As for the December placements and contracts, they were still contracted in late October - early November. Therefore, we do not expect any changes by December, contracts are being implemented," Novak said.

The minister added that although there are many uncertainties about the future, Russian oil will be in demand on global markets.

"As for January, contracting is underway now, and we will see how it will go.

Of course, there are a lot of uncertainties. But nevertheless, our oil is in demand on the world market and we believe that it will be in demand," Novak said.

In response to Russia's military operation in Ukraine, the European Union announced a ban on the provision of services and insurance for Russian oil supplies around the world, as well as a partial embargo on Russian oil. The restrictions are due to come into force on December 5, 2022, for seaborne imports of Russian crude and in 2023 for petroleum products.