Russia will send oil rejected by European countries to Asia and other regions, Deputy Prime Minister Alexander Novak told a forum on Thursday, saying Moscow would maintain export markets.
Novak said Russia’s oil exports were gradually recovering and that despite a shock to the system, the country’s energy sector was not in crisis.
The European Union could combine import tariffs on Russian oil with the phased oil embargo it is trying to put in place to shrink Russia’s energy revenues, U.S. Treasury Secretary Janet Yellen said on Tuesday.
The tariff concept will be presented at a G7 finance leaders meeting this week as an economically less costly way to siphon away oil revenues from Moscow while producing faster results, U.S. Treasury officials told reporters.
The tariff plan would aim to keep more Russian oil in the global market, limiting price spikes spurred by a full embargo, while limiting the amount of money Russia can earn from exports, the officials said.