Russian President Vladimir Putin said today that it is “impossible” for some European countries to quickly abandon Russian oil, as the European Union has proposed.
EU members are negotiating to impose an embargo on Russian oil due to the invasion of Ukraine, but talks broke down this week due to a veto from Hungary, which is heavily dependent on Russian oil imports.
“Obviously, some EU countries, which have a high share of Russian hydrocarbons in their energy balance, will not be able to do this for a long time, they will get rid of our oil,” said Putin.
Speaking at a televised meeting with local oil officials and government officials, Putin also said that Western sanctions and a possible embargo on Russian oil had led to a rise in global oil prices.
He said that by abandoning Russia’s energy sources, Europe risks paying the world’s most expensive energy prices in the long run, while the competitiveness of its industry will suffer.
He also claimed that Western sanctions promoted inflation across Europe.
Russia is facing a decline in oil production not seen since the collapse of the Soviet Union due to Western sanctions that have greatly complicated the worldwide sale of Russian oil.
“There are tectonic shifts in the oil market, and it seems unlikely that things will go back to the way they used to be,” said Putin, adding that it is important to establish a complete chain from the producer to the final buyer.
It promised state aid to domestic oil producers, including facilitating access to loans and insurance.
source: Noticias
