News Latin America Nicolas Maduro criticizes European embargo on Russian oil

Nicolas Maduro criticizes European embargo on Russian oil

Nicolás Maduro

Venezuelan President Nicolas Maduro criticized on Tuesday the embargo on Russian oil imports agreed by the leaders of the European Union and warned that the measure already has consequences in Europe and the rest of the world, where there has been a rise in fuel prices.

According to Maduro, whose government has remained close to Moscow and spoke through a Facebook broadcast, the sanctions are an economic suicide for several countries and have caused an unusual increase in inflation, so he suggested “to sit down, reflect and rectify this madness.

Oil prices increased during the day after the European Union agreed to ban oil imports from Russia by about 90% for the next six months due to the war in Ukraine. Brent crude, used as the basis for setting prices for the international market, rose almost 1% compared to the previous session to settle at almost 123 dollars per barrel.

The agreed blockade affects all Russian oil exports by sea to the European Union, although not those through a key pipeline to some Central and Eastern European countries, including Hungary. Belgium has not banned imports of Russian gas.

Oil has risen by more than 50% so far this year and is one of the biggest inflationary concerns internationally.

Venezuela, once an oil-rich country with the world’s largest crude oil reserves, has been experiencing for more than five years a drastic drop in its production of crude oil and refined products, which has translated into shortages due to the deficient supply of fuels and domestic gas, while its presence in the world market is currently marginal.

Government critics attribute the collapse of the oil industry to mismanagement and corruption in the state corporation PDVSA under the administration of the socialist governments of the now deceased President Hugo Chávez and Maduro, his successor.

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