France in talks with UAE to replace Russian oil supplies after latest EU sanctions: Report

As the war in Eastern Europe continues to escalate unabated, French Finance Minister Bruno Le Maire stated that the country is in talks with the United Arab Emirates (UAE) to replace Russian oil supplies. "The discussions are in progress with the UAE as we need to find a substitute for Russian oil," he told Europe 1 radio. His remarks came days after the European Union (EU) agreed on the sixth round of sanctions package which is expected to cut around two-thirds of oil imports from Russia to the 27 members of the bloc.

Le Maire further stated that France also intends to boost investment in greener energy transitions, such as offshore wind farms, to reduce the country's energy reliance on other countries. Meanwhile, Kremlin spokesperson Dmitry Peskov claimed that the EU's partial embargo on Russian oil will have a "negative impact" on the entire global market. He further emphasised that the European market is crucial for Russia in terms of supplies, as well as volumes of sales. According to him, Russia is also considering the option to redirect spare volumes of oil to other destinations. 

Russia says it will find other importers of its oil after EU's latest embargo

The Kremlin spokesperson further stressed that the oil embargo's impact on Russia will be mitigated through systematic measures and that Europe will face "severe consequences" due to its own decisions. Meanwhile, Russia has also retaliated against the EU's latest round of sanctions on oil imports. Reacting to the EU's sixth round of sanctions, Mikhail Ulyanov, Russia's permanent representative to international organizations in Vienna, stated that Moscow will find other importers of its oil. 

European Commission President, Ursula von der Leyen has also claimed that the 27-member block has agreed to phase out its dependency on Russian gas, oil and coal as soon as possible. 

Russia says it continues to take steps to combat sanctions against it

It is significant to mention here that several countries across the world have imposed numerous sanctions against Russia since it launched a full-fledged war on Ukraine in late February. Meanwhile, the Russian government claimed that it continues to take steps to stabilise the economy and combat the sanctions imposed by Western countries.

Addressing a virtual meeting of the Supreme Eurasian Economic Council (EEC) on May 27, Russian President Vladimir Putin stated that his government is acting decisively to ensure the smooth functioning of the market and financial sector. 

(Image: AP)