https://sputniknews.in/20240826/pakistan-feeling-impact-of-western-curbs-on-russian-oil-exports-8063298.html
Pakistan Feeling Impact of Western Curbs on Russian Oil Exports
Pakistan Feeling Impact of Western Curbs on Russian Oil Exports
Sputnik India
MOSCOW (Sputnik) - Pakistan is feeling the impact of Western sanctions against Russian oil exports on the national economy and global oil markets, a... 26.08.2024, Sputnik India
2024-08-26T16:21+0530
2024-08-26T16:21+0530
2024-08-26T16:21+0530
business & economy
vladimir putin
pakistan
russia
ukraine
g7
european union (eu)
oil exporters
global oil production
oil supplies
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The West piled sanctions on Russia after it launched a special military operation in Ukraine in February 2022. The European Union stopped importing Russian seaborne oil, while the G7, Australia, and the EU imposed a price cap of $60 per barrel on Russian oil transported by sea. In response, Russian President Vladimir Putin banned the sale of oil to foreign entities if their contracts included a price cap mechanism. Curbs on oil exports pushed up energy, fuel and food prices in Europe, the United States and beyond. President Putin said in May that the sanctions had dealt a serious blow to the global economy, worsening living conditions for millions.
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vladimir putin, pakistan, russia, ukraine, g7, european union (eu), oil exporters, global oil production, oil supplies, russian oil price cap
vladimir putin, pakistan, russia, ukraine, g7, european union (eu), oil exporters, global oil production, oil supplies, russian oil price cap
Pakistan Feeling Impact of Western Curbs on Russian Oil Exports
MOSCOW (Sputnik) - Pakistan is feeling the impact of Western sanctions against Russian oil exports on the national economy and global oil markets, a spokesperson for the Pakistani Foreign Ministry told Sputnik.
"In our interconnected world ... any economic downturn affects everyone. When a major country like Russia is unable to export oil, it impacts global oil markets. It is natural that such geopolitical situations affect regional countries, and Pakistan is no exception," Mumtaz Zahra Baloch said.
The West piled sanctions on Russia after it launched a special military operation in Ukraine in February 2022. The European Union stopped importing Russian seaborne oil, while the G7, Australia, and the EU imposed a price cap of $60 per barrel on Russian oil transported by sea. In response, Russian President Vladimir Putin banned the sale of oil to foreign entities if their contracts included a price cap mechanism.
Curbs on oil exports pushed up energy, fuel and food prices in Europe, the United States and beyond. President Putin said in May that the sanctions had dealt a serious blow to the global economy, worsening living conditions for millions.
