Russian President Vladimir Putin acknowledged that the sanctions imposed by the West against his country for the invasion of Ukraine already exist. affecting the profitable oil and gas sector from Russia, weakening exports and increasing costs for the industry.

Speaking to government officials via video link from his residence near Moscow on Thursday, Putin said that payments for Russia’s energy exports were under pressure and that banks from “unfriendly countries” were “delayed transfer of funds”.

“As we have said many times, the most pressing issue here is the disruption of export logistics,” he said.

The European Union, the world’s largest trading bloc, has long opposed Russia’s oil ban because of its huge cost to European economies, specifically Germany.

But Russia’s invasion of Ukraine prompted an agreement among bloc officials and ambassadors that Europe should no longer fund the Kremlin and that it should reduce Russia’s energy dependence by expanding alternative source of supply.

threat

A fraudulent Putin told Russian officials that attempts by Western countries to replace Russia’s energy resources would hit the global economy and could happen “very painful” for those looking to bypass Russian suppliers.

In addition, the head of the Kremlin said, there is a shortage of natural gas available on the world market. He predicted that Europe’s pivoting to energy deliveries from other countries, particularly the United States, would undermine Europe’s standard of living and competitiveness and result in higher energy costs for consumers. .

“There is no reasonable alternative to Russian gas in Europe,” he warned.

While it is possible for Western European countries to find alternative energy supplies, Putin said, it will take time.

Rising fuel prices, part of Russia’s invasion of Ukraine, prompted US President Joe Biden to embrace oil, even as he entered office promising to tackle the planet’s climate crisis .

The price of fuel

This week, Biden traveled to Iowa to announce that the Environmental Protection Agency will temporarily remove regulations banning the use of gasoline-ethanol in the summer in a gasoline-ethanol mixture that contributes to the cloud.

The president said his administration would go give up regulation to lower the price of fuel for many Americans.

Referring to such moves, Putin noted that Western countries seem increasingly willing to abandon their green agendas and continue to rely on carbon-intensive fossil fuels.

He suggested that Russia be used as an excuse for the United States and its allies to reinstate policies aimed at promoting green energy that have proven to be highly costly to the economy.

“Now they have good reason to cover up their own miscalculations and blame everything on Russia,” Putin said.

Source: The New York Times