Putin aims to increase domestic consumption of oil and gas and seek new buyers in the face of European sanctions

Russian President Vladimir Putin has pointed to the possibility of increasing domestic consumption of Russian oil, gas and coal, as well as opening up new export markets as an alternative to the sanctions imposed by the European Union and other countries, which seek reduce energy dependence on Moscow.

The president has stressed once again that these sanctions, also applied by the United States, have done nothing but harm the European and American economy, causing a “real energy crisis” and shooting prices and inflation “through the roof” .

However, Putin has acknowledged that Russia is also facing problems, although he considers that the situation makes it easier for Moscow to open its exports to new markets. “We can increase their consumption (of gas, oil and coal) in the domestic market, stimulate the processing of raw materials and also increase the supply of energy resources to other regions of the world where they are really needed,” he has said.

In this sense, the president has pointed to the use of the Northern Latitudinal Railway, a route of about 700 kilometers that connects the Yamal Peninsula with the Sverdlovsk region, both locations approximately in the center of the country but at opposite latitudes.

In this regard, Putin has urged the competent authorities to prioritize the proper functioning of the infrastructure, since the road is of “fundamental importance” given the “reorientation” of the exploitation of Russian resources, according to the Interfax agency.

Precisely with regard to the new export windows, the Minister of Energy, Nikolai Shulginov, has explained that Russia is prepared to sell oil and derivative products to other countries and has even recognized that there could be a drop in prices due to the prohibition of purchase that weighs on the resources of Moscow.

“Our task is not to guess how much oil will cost, but to ensure the functioning of the oil industry. We are ready to sell oil and oil products to friendly countries at any price range,” Shulginov admitted in an interview for the Izvestia newspaper. .

The minister added that the Russian government is not yet in a position to make forecasts, so it does not dare to predict how much investment will decrease. “We are working to assess the situation and get out of it with dignity,” he acknowledged.

By Editor

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