Iran Press/ Europe: Russia warned on Thursday that the European Union's decision could backfire on the bloc.
EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet since the start of the war in Ukraine, Reuters reported.
"The European Union's decisions to partially phase out Russian oil and oil products, as well as to ban insurance on Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," Russia's foreign ministry said in a statement.
The EU has hit Russia with multiple rounds of sanctions since the start of the conflict with Ukraine in February while facing problems in supplying energy.
European energy markets are experiencing an unprecedented shock. In the first quarter of 2022, short-term gas prices on the largest European exchange were five times higher than their 2021 average.
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