Russia will redirect energy exports

On April 14, Russian President Vladimir Putin announced that the country will focus on energy exports to the East, as European countries are looking for ways to reduce dependence on Russian oil and gas supplies.

Speaking at a televised government meeting, President Putin said that Europe’s cessation of energy imports from Russia was the cause of market instability and pushed up energy prices. Russia needs to start building the right infrastructure for oil and gas exports to Asian countries.

Along with that, it is an alternative to importing equipment for oil and gas extraction and production. He also predicts that the role of the local currency Ruble in commercial contracts will increase, in the context that Russia has asked gas buyers to pay in cash. Ruble.

The statements were made by President Putin in the context of the West imposing sanctions and restricting Russian energy imports as part of broader sanctions aimed at ripping the country’s economy out of the system. global trade and finance related to Moscow’s special military operation in Ukraine.

The United States imposed a ban on imports of oil and gas from Russia, while the European Union (EU) and Japan imposed a ban on coal imports.

Russia, which accounts for about 10% of global oil production, has been forging closer ties with Asia and China – the world’s top energy consumer – in order to diversify energy export destinations. exports, beyond the traditional markets in Europe.

Russia provides 40% of Europe’s gas needs, of which Germany, Italy and many Central European countries depend heavily on this supply.

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