Finance
Ukraine says EU’s oil embargo to impair Moscow’s ability to finance war
A view reveals valves close to a drilling rig at a fuel processing facility, operated by Gazprom firm, at Bovanenkovo fuel area on the Arctic Yamal peninsula, Russia Might 21, 2019. Image taken Might 21, 2019. REUTERS/Maxim Shemetov/File Photograph
KYIV, Might 31 (Reuters) – Ukraine welcomed on Tuesday the European Union’s partial ban on imports of Russian oil, which Kyiv mentioned would damage Russia’s financial system and impair its capability to finance the battle.
“We anticipate that by the tip of 2022 Russia will lose as much as 90% of its oil exports to Europe,” Ukraine’s International Ministry mentioned in a press release. “Which means the Russian army machine is not going to obtain tens of billions of {dollars} for the battle in opposition to Ukraine.”
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Reporting by Pavel Polityuk; Writing by Nerijus Adomaitis; Modifying by Edmund Blair
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