Lithuania’s Gitanas Nauseda says Moscow stands to benefit from rising oil prices
The conflict between Israel and Iran could benefit Russia by pushing up global oil prices and drawing international attention away from Ukraine, Lithuanian President Gitanas Nauseda has claimed.
On Friday morning, Israeli jets bombed military and nuclear sites across Iran, kicking off an ongoing exchange of hostilities between the two countries.
Speaking to reporters at the parliament building in Vilnius on Saturday, Nauseda argued that the Russian economy relies on “the damn petrodollars” and warned that rising energy prices could blunt the impact of EU sanctions.
“You get to live off every dollar when oil prices rise – so, unfortunately, it’s Russia that benefits,” he said.
“And sometimes you wonder whether those sanctions packages we debate for days and proudly adopt are ultimately undermined by the fact that oil prices are now much higher than before the conflict,” Nauseda added.
The president further warned that the new hostilities in the Middle East are “at least somewhat overshadowing the war in Ukraine.”
Lithuania, a member of both NATO and the EU, has been among Ukraine’s staunchest supporters, providing military aid and backing multiple rounds of sanctions against Moscow.
Prime Minister Gintautas Paluckas echoed Nauseda’s concerns, cautioning that the fighting between Israel and Iran could “influence the political will” of the EU to keep pressuring Russia’s energy sector.
According to CNN, the price of US crude oil and Brent surged 7% on Friday after Iran retaliated against Israel.
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