Mr Putin said that Russia should continue to redirect its energy exports to “fast-growing markets in the south and east”.
Western countries trying to exclude Russian energy suppliers will affect the world economy and Moscow should redirect energy exports to Asia, Russian President Vladimir Putin said.
“We need to proceed on the basis that in the near future energy supplies to the West will decrease,” Putin told a televised government meeting on the energy sector on Thursday.
“We need to diversify our exports,” he said.
Western governments have imposed sweeping sanctions on Russia’s financial sectors in retaliation for the February 24 invasion of Ukraine, while also announcing measures to ban or reduce the use of Russian oil, gas and coal.
Putin said Russia, which accounts for about one-tenth of global oil production and one-fifth of global gas supply, should continue in the direction it has taken in recent years and “step by step transition”. our export direction to the fast growing markets of the South and the East”.
“Attempts by Western countries to eliminate Russian suppliers and replace our energy sources with alternative ones will certainly affect the entire economy,” Putin said. global economy.
Europe will not be able to replace all Russian gas at once, he added.
“The so-called partners from unfriendly countries claim that they can avoid Russian energy sources, including natural gas. Its reasonable alternative to Europe does not exist. It is possible, but it does not exist so far. Everyone understands there’s no such thing as a free episode [of energy resources] on the world market. ”
Russia supplies about 40% of natural gas to the EU, and Western sanctions over Moscow’s war in Ukraine have affected the country’s energy exports by complicating the supply. financing and logistics for existing arrangements.
Putin also called for accelerating infrastructure projects, such as railways, pipelines and ports, that would redirect oil and gas supplies from the West to “promising” markets in the East and Global South, asked his officials to present a plan by June 1. for “expanding transportation infrastructure to countries in Africa, Latin America (and) Asia Pacific”.
Russia launched a gas supply pipeline to China at the end of 2019 and in February agreed to a 30-year contract through a new pipeline, which is still under construction.
