Russian Foreign Minister Sergey Lavrov said on Saturday that Western sanctions would have no effect on the country’s oil exports and predicted a large increase in profits from energy shipments this year, APA reports citing Local Public.

“Given the price level that has been established as a result of Western policies, we have not suffered budget losses,” the foreign ministry told a Bosnian Serb TV station.

“On the contrary, this year we will significantly increase the profits from the export of our energy resources.”

On Monday, EU leaders agreed in principle to cut 90% of Russia’s oil imports by the end of this year to punish Moscow for the Russia-Ukraine war.

“Oil, in general, is not subject to politics, there is a demand for it … we have alternative sales markets, where we are already increasing sales,” Lavrov said.

Source: Azeri-Press News Agency