Russia's State Duma Chairman claims West 'exhausted' tools to impact Moscow's development

Russia's State Duma Chairman Vyacheslav Volodin has said that the US and European Union has exhausted its means to impact the development of Russia. He said that European Union's oil embargo will result in EU member countries paying more than 250 billion euros a year due to "record-high energy prices." Volodin claimed that leaders of the West have been forced to choose between a "bad and a very bad scenario" for their economies and citizens with the imposition of new sanctions against Russia. His remarks came after the EU Council adopted the sixth package of sanctions against Russia in retaliation to its military offensive in Ukraine.

"With new sanctions, Western politicians are forced to choose between a bad and a very bad scenario for their economies and citizens," Vyacheslav Volodin said in a post on Telegram.

Volodin said that experts have noted that Russia will lose around $22 billion (₹1,709,792,238,000) a year due to the ban on oil exports to Europe. Volodin said that Russia will shift its oil market to Asia and will be able to fully compensate for the cost. He added, "Russia's economy will be in the black." He said that the US is making efforts to ensure that the sanctions imposed against Russia "mainly" places a burden on European nations. He accused the US of "deliberately" affecting the economy of EU nations to make their economy rely on Washington. Earlier on June 1, Kremlin spokesperson Dmitry Peskov said that the European Union's partial embargo on Russian oil will have a "negative impact" on Europeans, Russia and the entire global market, TASS reported. Peskov underscored that the European market is quite important for Russia in terms of supplies, including the volumes of sales. He said that they will be "redirecting" spare volumes of oil to other places.

"Due to the rise in energy prices provoked by the sanctions and the reorientation of Russian oil markets to the Asian direction, the costs can be fully offset. And perhaps our economy will be in the black," Vyacheslav Volodin said on Telegram.

EU Council adopts sixth package of sanctions against Russia

The European Council on Friday, June 3, adopted the sixth package of economic sanctions targeting both Russia and its ally Belarus. In its sixth round of sanctions, the EU banned the purchase, import or transfer of crude oil and refined petroleum products from Russia into the EU. In addition, a SWIFT ban has been announced for an additional three Russian and one Belarusian bank. Furthermore, the EU Council announced the suspension of three more Russian state-owned outlets - Rossiya RTR / RTR Planeta, Rossiya 24 / Russia 24 and TV Centre International - in the EU. Furthermore, the EU has imposed sanctions against 18 entities and 65 individuals, including individuals responsible for the atrocities committed in Bucha and Mariupol. 

(Image: AP)