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The West will not be able to cut itself off from Russian oil and gas for years: Vladimir Putin

Although the West announces sanctions and tries to divert its oil imports from Moscow, Vladimir Putin has claimed that he will not be able to cut himself off completely from Russian oil and gas for several years.

The Russian president made the remarks on Thursday after attending an exhibition in Moscow dedicated to the 350th anniversary of the birth of Russian monarch Peter the Great.

He added that no one knows what might happen then, so Russian companies would certainly not be “concreting their oil wells”, reports the BBC.

His comments come days after a US official admitted that Russian energy profits could be higher now than they were before the war.

The United States and the European Union had agreed to ban imports of Russian oil and imposed escalating sanctions to punish the country for its invasion of Ukraine.

While these measures put a damper on global trade in Russian fossil fuels, they also helped trigger a spike in global oil and gas prices.

The EU currently imports around 40% of its gas from Russia.

The bloc has pledged to cut its dependence on Russian oil by 90% by the end of 2022, but has so far made no commitments on gas.

Read also | Putin compares the invasion of Ukraine to the conquests of Peter the Great

Noting that supply problems have driven global oil and gas prices higher, Putin said Russian corporate profits could have increased in recent months.

Read also | Kyiv ‘safe’, but we are preparing: Ukrainian minister

“The volume of oil is decreasing on the world market, prices are increasing,” President Putin told a group of young entrepreneurs.

“Corporate profits are rising,” he added.

(With agency contributions)

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Post expires at 4:14am on Monday June 20th, 2022

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