Kremlin warns sanctions targeting Russia’s oil industry would backfire, cause instability in energy markets

Kremlin spokesman Dmitry Peskov warned on Friday that sanctions targeting Russia’s oil industry would inevitably backfire on their initiators, causing instability in global energy markets.

Responding to media reports about potential measures from the Group of Seven nations, Peskov said Russia is aware of these discussions.

‘Such decisions will create risks for international energy stability and will ultimately harm the countries imposing them,’ he stressed.

Peskov said the sanctions would trigger countermeasures from Moscow. ‘We will take all necessary steps to mitigate the consequences and protect our economic interests,’ he said.

Reports suggest that proposed measures include reducing the oil price cap from $60 to $40 per barrel, as well as imposing a complete ban on the transportation and insurance of Russian oil.

Addressing President Vladimir Putin’s remarks about the state-of-the-art Oreshnik missile, Peskov explained that Putin’s reference to a ‘duel’ with Western air defenses was a response to a specific question about the missile’s weaknesses.

‘The president detailed how the missile works, emphasizing its resistance to existing air defense systems,’ the spokesperson said.

Putin on Friday invited Western experts to test the missile by choosing a target in Kyiv, concentrating air defenses, and attempting to intercept the strike.

Peskov also reiterated that Russia would respond decisively to any attacks on its territory through Western-supplied long-range weapons.

• Dmitry Peskov
• Kremlin
• Vladimir Putin