Russia has fully adapted to oil sanctions regime – TASS

Russia has been “living under a regime of sanctions for a long time and has fully adapted to it,” its state-owned media agency TASS reported, citing the country’s official press secretary Dmitry Peskov.

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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. “It is quite easy to predict that attempts to hold our economy back will continue,” he added.

Russia is equipped to handle new packages of sanctions as it is “well known and predictable,” the Kremlin spokesperson said.

The previous price caps issued on Russian products in the oil market have had minimal impact on Russia’s economy, he said. "We could argue a lot and question the effectiveness of these decisions [sanctions], but we can only anticipate what else our opponents might come up with next," Peskov said.

The price cap coalition of G7 members - Canada, France, Germany, Italy, Japan, the UK, US and the “non-enumerated member” EU - and Australia set two price caps on Russian refined products on 5 February.

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. They had also previously set a price cap of $60/bbl on crude oil originating from Russia.

By Aparupa Mazumder 

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