HOT: President Putin warned Europe would be ‘very painful’ if it stopped importing Russian oil

“Attempts by Western countries to eliminate Russian gas suppliers, or to replace our energy sources with alternative ones, will certainly affect the entire economy. Global. The consequences of such a step can be very painful – and first of all for those who initiate such a policy,” the Russian leader warned on March 14, reported by Russia’s TASS news agency. .

Explaining his statement, Mr. Putin said: “There is simply no sensible alternative for Europe right now. There is simply no alternative supply on the market right now. Meanwhile, Supplies from other countries, mainly the US, can be sent to Europe, but will cost consumers many times more expensive, will affect people’s living standards and competitiveness. European economy”.

According to TASS, Putin affirmed that there are many problems with Russia’s oil and gas sector, notably “unfriendly countries” that are delaying payments for Russian oil imports.

He noted that if Europe does not buy oil and gas from Russia, this will destabilize the market. But he also acknowledged that prices in Russia could therefore increase. Therefore, he called for market stabilization to stimulate domestic demand, TASS reported.

In addition, the Russian leader also called for diversification of energy exports to Asia in the context of difficulties when exporting to Europe.

“We need to diversify our exports, gradually redirecting them to the fast-growing markets of the south and east,” said Russian President Vladimir Putin.

On April 13, Russian Energy Minister Nikolai Shulginov also said that the country is ready to sell oil and oil products to “friendly countries” at any price.

Putin’s warnings come as the West imposes sanctions and restricts Russian energy as part of broader sanctions aimed at depriving the country’s economy of its financial and trading system. global trade after Moscow launched a special military operation in Ukraine.

The United States has imposed a ban on Russian oil and gas imports, while the European Union (EU) and Japan have imposed a ban on coal imports. The EU said it was looking to gradually remove oil and gas supplies from Russia, but did not want to impose an immediate embargo.

Russia is supplying 40% of Europe’s gas needs, of which Germany, Italy and many Central European countries depend heavily on this supply. About 25% of the oil supply to Europe also comes from Russia. The European Commission on March 28 confirmed that the EU aims to completely break free of Russian energy dependence by 2027.

Meanwhile in Asia, China accounts for 15.4% of Russia’s total crude oil exports and is the world’s top importer of Russian crude, buying an average of 1.59 million barrels per day in 2021, equivalent to 15.5% of total imports. Russia is also the third gas supplier and second coal supplier to China.

India imported 43,400 bpd of oil from Russia in 2021, about 1% of its total imports. New Delhi recently announced it would buy more Russian oil, despite pressure from the US and the West.