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Asharq Al-Awsat
Asharq Al-Awsat
World
Asharq Al-Awsat

Kremlin Says It Can Re-route Oil Exports to Minimize Losses from EU Embargo

Oil Kremlin Russia Dmitry Peskov Europe European Union Moscow
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo

The Kremlin warned on Wednesday that the European Union's sanctions on Russian oil would hit the global energy market, but said Moscow could re-route exports to limit its own losses.

EU leaders this week agreed an embargo on Russian crude oil imports that aims to halt 90% of Russia's oil sales into the 27-member bloc by year-end, Reuters reported.

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