Russia calls the European Union’s decision to phase out its oil a “self-destructive” step

Russia warned on Thursday that the European Union’s decision to partially and gradually abandon Russian oil would likely destabilize global energy markets, calling it a “self-destructive” move that could backfire on the bloc.

European Union leaders agreed in principle on Monday to slash Russian oil imports by 90 percent by the end of the year, the bloc’s toughest sanctions yet on Moscow since its invasion of Ukraine.

“Decisions by the European Union to phase out Russian oil and petroleum products, as well as a ban on insurance for Russian merchant ships, are likely to lead to further price hikes, destabilization of energy markets and disruption of supply chains,” the Russian Foreign Ministry said in a statement.

The European Union has imposed several rounds of sanctions on Russia since it invaded Ukraine in February, showing unusual speed and unity given the complexity of the procedures.

European Council President Charles Michel said the move to phase out Russian oil would deprive Moscow of a huge source of funding and pressure it to end its military campaign, but Moscow warned the European Union that these measures would eventually harm its economy.