U.S. sanctions on Iran’s oil industry are unproductive and there will be consequences to such a move, Russian Energy Minister Alexander Novak told CNBC.
“Our position remains that this is unproductive, this is wrong,” Novak said when asked about the possible impact U.S. sanctions on Iran’s oil industry could have.
“It is better to continue working in the market, Iran being just another exporter that provides stable supplies to the market,” Novak said, speaking to CNBC’s Geoff Cutmore at the Eastern Economic Forum (EEF) last week in Vladivostok, Russia.
“It is one of the richest in resources and has a solid standing in terms of its energy capability both in the OPEC, and in the energy markets as a whole. So, I think there will be consequences, I am sure, but we could only comment once they are in place,” he said.