RUSSIA is ready to re-route supplies to other markets should Western sanctions target its energy sector, according to Russian finance minister Anton Siluanov, reports Reuters.
Mr Siluanov did not say how russia would divert its energy exports but declared that Russia's foreign exchange reserves, National Wealth Fund, and a budget surplus should shield its economy and banks from any sanctions.
The US and its allies are considering new sanctions including against Russia's largest banks, economy, and energy sector, in the event that Moscow invades Ukraine.
'Any export curbs would result in rising prices. And if such restrictions are to be applied then increases in prices should largely offset such curbs,' said Mr Siluanov told reporters.
Russian imports account for 46 per cent of Europe's solid fuels such as coal, 26 per cent of its crude oil, and 38 per cent of the region's gas.
Said Moody's Research: 'An intensification of inflationary pressures could also increase pressure on the European Central Bank and other central banks to tighten monetary policy.'
SeaNews Turkey
Mr Siluanov did not say how russia would divert its energy exports but declared that Russia's foreign exchange reserves, National Wealth Fund, and a budget surplus should shield its economy and banks from any sanctions.
The US and its allies are considering new sanctions including against Russia's largest banks, economy, and energy sector, in the event that Moscow invades Ukraine.
'Any export curbs would result in rising prices. And if such restrictions are to be applied then increases in prices should largely offset such curbs,' said Mr Siluanov told reporters.
Russian imports account for 46 per cent of Europe's solid fuels such as coal, 26 per cent of its crude oil, and 38 per cent of the region's gas.
Said Moody's Research: 'An intensification of inflationary pressures could also increase pressure on the European Central Bank and other central banks to tighten monetary policy.'
SeaNews Turkey