The First Deputy Chairman of the Energy Committee at the Russian State Duma Yury Lipatov stated Thursday the European Union is the main loser of Iran oil embargo.

The First Deputy Chairman of the Energy Committee at the Russian State Duma Yury Lipatov stated Thursday the European Union is the main loser of Iran oil embargo.

He told the Islamic Republic News Agency that the recent oil price hike in the international oil market would drastically affect Europe because of the oil embargo proposed by EU member states.

Pointing to negative effects of mounting oil prices on the world energy markets, Lipatov said the EU decision to boycott Iran oil was taken at a time when many EU members are facing serious financial and economic crises and undoubtedly will suffer more because of oil prices hikes.

According to IRNA, , the Russian lawmaker denounced politicization of economic issues by the West saying the main reason for oil prices hike in the world energy market is western countries’ decision to marginalize Iran as an influential player in the world energy market.

On Thursday, Iran terminated oil sales to two major Greek firms - Hellenic Petroleum and Motor Oil Hellas - over their failure to pay for their crude purchases from Tehran.