Department of Energy: Sanctions Will Have Terrible Effects

Beginning with the Russian invasion of Ukraine Russia and Ukraine war and the wider war West – Russia tensionhas already greatly affected the whole world and of course Turkey. While there was uneasiness all over the world about the long-term effects of the war, a statement came from the Deputy Minister of Energy and Natural Resources of Turkey, Alparslan Bayraktar, today.

Speaking to Sputnik, Bayraktar announced that the sanctions imposed due to the war in Ukraine will have terrible effects on the global oil market. Bayraktar said that while the pandemic is regressing and the global economy is recovering, countries should increase their oil production. It will be very difficult to replace Russia. expressed.

Sanctions will affect the entire region and countries

Bayraktar, who spoke about the sanctions imposed by the United States on the purchase of crude oil from Russia yesterday evening, said: “Actually, I don’t know what effect this decision will have. But previous US sanctions, including sanctions on Iran, have affected other markets and the region, including Turkey. These sanctions also on other countries and regions will have some spillover effect.” made a statement.

Bayraktar also emphasized that Turkey wants to have a stable energy market. “We need our economies to grow. By no means is this decision I don’t think it will contribute to achieving this goal.” He pointed to the danger that awaited us with his expressions.

Gas prices will also rise:

Bayraktar expressed that Turkey sees Russia as a reliable gas supplier and hopes that the shipments will continue. Bayraktar, 45% of its gas needs are met from Russia.stated that Russia has been a reliable gas supplier for more than 30 years and hopes this will continue. Finally, Bayraktar, “There is simple math here. If supply decreases, prices go up.” He gave the first signal that gas prices could also increase astronomically.