Leader of Russian oil company warns EU: Russian crude oil is irreplaceable

Tighten Russian oil sanctions will have catastrophic effects on Europe as well as Russia, warned Vagit Alekperov, the former head of Russia’s largest private oil company Lukoil.

A European embargo on Russia’s “irreplaceable” crude oil would be the “most negative scenario” for all parties, the Financial Times quoted Alekperov as saying.

“With the imposition of sanctions, Western countries have given a clear signal and stated their position. There is no need to tighten further,” – the Russian billionaire shared. He also noted that the EU’s cut in Russian oil imports would be “a shock to everyone”.

Last month, Mr. Alekperov – arguably Russia’s 10th richest man – stepped down as chief executive officer of Russia’s second-largest oil producer Lukoil, a position he held for nearly three decades. This move comes after the Russian billionaire was subject to British and Australian sanctions following Russia’s military campaign in the country. Ukraine.

“It is not possible to replace a large energy exporter like Russia, even in the medium term,” emphasized the Russian businessman.

For Russia, an oil embargo means “reducing production, freezing oil wells, as we did at the start of the pandemic in 2020, because it is not possible to redirect all European production.” to other markets overnight,” he added.

EU countries have been discussing the proposed ban on Russian oil imports for weeks. However, a group of countries led by Hungary strongly opposes the aforementioned Russian sanctions. The proposed oil embargo comes as part of an unprecedented series of rounds of sanctions against Russia following the operation in Ukraine.

“Military conflicts can end quickly, while the world energy architecture has been established through decades of investment and hard work by generations of experts. There’s no need to vandalize or destroy it” – Russian billionaire emphasize.