(Reuters) -Russian Overseas Minister Sergei Lavrov on Saturday stated Western sanctions would haven’t any impact on the nation’s oil exports and predicted a giant bounce in income from power shipments this 12 months.

“Contemplating the worth stage that has been established because of the West’s insurance policies, we now have suffered no budgetary losses,” the overseas ministry quoted him as telling a Bosnian Serb tv station.

“Quite the opposite, this 12 months we’ll considerably improve the income from the export of our power assets.”

On Monday, European Union leaders agreed in precept to chop 90% of oil imports from Russia by the top of this 12 months to punish Moscow for invading Ukraine.

“Oil, typically talking, just isn’t topic to politics, there’s a demand for it … we now have various gross sales markets, the place we’re already growing gross sales,” stated Lavrov.