Anti-Russian sanctions are “more harmful” for the West than for Russia - TASS

Sanctions imposed by the West on Russian exports of crude oil, “are dealing more harm to the West than to Russia,” its state-owned media agency TASS quoted Russian ambassador to the US Anatoly Antonov as saying.

PHOTO: An oil tanker stationed at a storage terminal in Novorossiysk, Russia. Getty Images

“No matter how hard ill-wishers tried, Russian economy survived,” TASS reported Antonov saying.

Last month, Russia’s official press secretary Dmitry Peskov said that the country has fully adapted to “living under a regime of sanctions for a long time.”

Russia has been “taking measures” to mitigate the effect of various attempts that allegedly aim to hamper the country’s economic progress, TASS reported quoting Peskov. Such attempts “do not scare” the country at all, he said.

Among the imposed sanctions, the price cap coalition of G7 members - Canada, France, Germany, Italy, Japan, the UK, the US, and the “non-enumerated member” EU - and Australia set price caps on Russian oil and refined products in retaliation to the country’s invasion of Ukraine in February 2022.

Earlier this year, two price caps on Russian refined products were set. The first one was a price cap of $100/bbl on products such as diesel and gasoil that trade at a premium to crude and a cap of $45/bbl on products like fuel oil that are traded at a discount to crude. Previously in 2022, a price cap of $60/bbl was set on crude oil originating from Russia.

“The possibilities of sanctioned aggression against us have largely been exhausted,” Antonov said. “This fact is once again confirmed when analyzing the current 'package' of anti-Russian sanctions,” he added.

By Aparupa Mazumder 

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