Wed. Sep 28th, 2022

MOSCOW, RUSSIA: According to Russian President Vladimir Putin, the West will be unable to isolate itself from Russian oil and gas for several years.

He went on to say that no one knows what will happen at that period, so Russian firms will not be “concreting over their oil-wells.”

It comes as a US official conceded that Russian energy revenues may be larger now than before the conflict.

The EU now imports over 40% of its gas from Russia.

The EU has vowed to cut its reliance on Russian oil by 90% by the end of 2022, but has made no obligations on gas.

The United States has imposed a ban on all Russian energy products. Russian energy restrictions are intended to penalise Moscow for invading Ukraine.

However, rising global oil and gas prices suggest that Russian earnings may have increased in recent months, despite a decrease in total output.

“The volume of oil on the global market is falling, but prices are growing,” President Putin told a gathering of young entrepreneurs.

“Corporate profits are increasing,” he continued.

Amos Hochstein, the United States’ ambassador for energy security, shared this sentiment on Thursday.

When asked during a Senate hearing if Russia may be making more from fossil resources now than it did before the war, Mr Hochman answered, “I can’t refute it.”
The Russian president spoke on Thursday after touring an exhibition in Moscow commemorating the 350th anniversary of Russian monarch Peter the Great’s birth.

The ruler of the 18th century conducted a protracted territorial war against Sweden, which Putin appeared to link to his invasion of Ukraine.

“He appears to be attempting to gain something by battling Sweden. He wasn’t stealing anything, but rather returning it “He explained to his youthful audience. “It is also our obligation to take back and strengthen,” he remarked, clearly referring to Ukraine.

By adele rose

Adele Rose is the senior editor and employee of WGBS Pvt Ltd Digital wing.

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