Russian oil exports to the
European Union are likely to increase, as the bloc goes ahead with an embargo
on imports from Iran, Russia's Deputy Energy Minister Anatoly Yanovsky said
Wednesday.
"Any reduction in oil supplies to Europe will inevitably increase supplies
from other countries, and that includes Russia," he said speaking to
journalists. The actual amount of the increase will depend on many factors,
including the type of oil needed by refiners to substitute Iranian crude and on
transportation capabilities, he said.
Yanovsky said that private companies are dealing with the issues, rather than
governments, as the oil market is by nature more fluid and requires less
governmental involvement. He said that Greece hasn't approached Russia to seek
oil on favorable terms.