Taoiseach: New Russian oil sanctions spell 'rocky territory ahead' for Irish consumers
26/04/2022
The Taoiseach says new sanctions on Russian oil spell "rocky territory ahead" for consumers here.
The sixth round of sanctions signed off last night will likely push up the price of energy, as almost all Russian oil and gas has been banned from the EU.
Speaking in Brussels, Micheál Martin says the sanctions account for a "significant volume of Russian oil".
"It will hit Russia and clearly there will be significant challenges for some member states which had to be taken into account," he said.
"One is looking at a different era now in the price of fossil fuels."
Mr Martin said the actions of Russian President Vladimir Putin have united Europe.
"This is the sixth round of sanctions and as you go round to round it becomes more challenging given dependence on Russian oil and gas by some member states."
The Taoiseach said it is a "watershed moment on Russian oil."
"There is no doubt in mind that Putin's strategy was to create an energy and food crisis," he said.
"It's a huge concern for many member states. There was a lot of discussion last night about how we can get grain out of Ukraine and I have no doubt a very serious humanitarian crisis awaits us."
The Taoiseach added that Ireland must double down on renewables and move faster on offshore wind.
"I think we're going to work hard to create alternative forms of energy, we've done well in Ireland on electricity but we have to move faster. We will do all we can to alleviate pressure on consumers. If we reduce dependence on Russian oil it will be challenging."
Mr Martin added that the government is working with partners to find solutions to increasing inflation pressures on households.