Vagit Alekperov, who until recently headed Russia’s largest private oil company Lukoil, has said the potential tightening of existing sanctions would have a disastrous impact on Europe as well as Moscow.
A European ban on the country’s “impossible to replace” crude would be “the most negative scenario” for all parties, Alekperov said, as quoted by the Financial Times.
“By imposing sanctions, Western countries gave a clear signal and declared their position. There is no need to further tighten them,” the billionaire told the media, adding that the EU move to cut off Russian oil imports would be “a shock for everyone.”
Last month, Alekperov – reportedly Russia’s 10th-richest person – stepped down as chief executive officer of Russia’s second-largest oil producer Lukoil, a post he held for nearly three decades. The move came after the billionaire was hit by UK and Australian sanctions as part of Western pressure over Russia’s military operation in Ukraine.