Banning oil and product flows from Russia to Europe would create a seismic shock, with more than 55% of European imports of diesel and gasoil coming from Russia, analyst with the Rystad Energy consulting firm said.

Russia supplies around 50% of energy coal, which is used as fuel for European power stations.

There are different estimates made by experts, Alexey Kudrin pointed out.

The Russian businessman ceased the majority ownership and control of the group as part of the agreement with the US Office of Foreign Assets Control in 2019, the statement reads.

External conditions remain challenging for the Russian economy, the regulator pointed out.

The number of restrictions exceeds the numbers of all other restrictions ever imposed on any other country, the Russian Prime Minister stressed.

The sanctions are doing what they’re meant to: They’re causing low-level, but fundamental, stress on the Russian economy, Philip Nichols, an expert on Russia at the University of Pennsylvania said.

Josep Borrell ruled out a decision to ban gas imports from Russia at the European level.

Earlier, the Lithuanian Energy Ministry said that it has fully abandoned imports of Russian gas.

Russian producers mainly buy palm oil, machinery and equipment, natural rubber, footwear and cocoa beans and products from them.