Russia offers to supply Europe with oil and gas amid rising energy costs

Russian President Vladimir Putin has announced that Russia is prepared to supply oil and gas to Europe on a conditional basis, following disruptions in global energy supplies due to the conflict in the Middle East. In televised comments on Monday, Putin stated that Moscow is willing to work with European customers again if they wish to establish long-term cooperation without political pressures.

The Russian president’s remarks came as oil prices surged past $100 per barrel, reaching levels not seen since the start of the Ukraine war. The surge in prices has been attributed to fears of prolonged disruption to global energy supplies. G7 nations have stated that they are prepared to implement necessary measures in response to the price increase.

European countries have significantly reduced their reliance on Russian oil and gas over the past four years, largely due to sanctions imposed by the European Union and Group of Seven (G7) nations following Russia’s invasion of Ukraine. The EU has banned maritime imports of Russian crude since 2022, while pipeline exports to Hungary and Slovakia have been effectively halted.

Putin stated that if European companies and buyers decide to reorient themselves towards long-term cooperation with Russia, Moscow is willing to work with them. He also noted that Russian companies should take advantage of the conflict in the Middle East, which has led to a halt in shipping through the Strait of Hormuz, one of the world’s key oil transit chokepoints.

The comments from Putin were made hours after Hungarian Prime Minister Viktor Orban urged the European Union to suspend sanctions on Russian oil and gas. The EU had previously set a deadline for completely banning Russian fossil fuels, which would have significantly impacted Russia’s remaining oil and gas exports.

Source: Al Jazeera