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The aggravation of the geopolitical situation related to Ukraine, if it gains momentum, may move into a more acute phase, which in response may lead to sanctions on Russian oil exports. This opinion was expressed to TASS by the senior director of the group for natural resources and commodities of the international rating agency Fitch Dmitry Marinchenko.
In that case, he admits, the world price of oil “could potentially well in excess of $100 a barrel.” However, the expert warns, such a scenario “could provoke an energy crisis.”
“Russia’s share in the world oil market is more than 10%, there is nothing to replace it, there is little free capacity, especially considering the gradual recovery in demand, even if sanctions on Iran can be lifted in the near future,” Marinchenko said.
Recall that on February 21, 2022, Russian President Vladimir Putin signed decrees recognizing the independence of the republics of Donbass. He also instructed the Russian military to ensure the maintenance of peace on the territory of the DNR and LNR.
Earlier, the State Duma adopted and submitted to the Kremlin an appeal to the President of the Russian Federation with a call to recognize the Donetsk and Lugansk People’s Republics. And on February 21, the heads of the DPR and LPR Denis Pushilin and Leonid Pasechnik turned to the Russian leader with a request to recognize the independence of the people’s republics.
Many Western leaders condemned Russia’s decision to recognize the independence of the Donbass republics, calling for these actions to be reversed and threatening harsh sanctions.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
