Putin looking into alternatives for Russia’s EU energy market
President Vladimir Putin says he will be looking into alternative markets for Russia’s energy exports as the West keeps threatening to ban imports of Russian oil and gas over the conflict in Ukraine.
During a televised government meeting on Wednesday, Putin said Moscow has “all the resources and opportunities to quickly find alternative solutions.”
“As for Russian oil, gas and coal — we can increase their consumption on the domestic market... and also increase the supply of energy resources to other parts of the world, where they are really needed.”
Western countries have imposed unprecedented sanctions on Russia since Putin declared the military operation in Ukraine on February 24.
As part of the sanctions on Russia, the United States alone has banned imports of Russian oil and gas. European leaders, however, remain divided over whether or not to extend the sanctions to energy imports.
Countries deeply dependent on Russia for energy — such as Germany, Austria, and Italy — have so far resisted expanding the punitive measures to gas or oil.
The EU receives 40 percent of its gas supplies from Russia. Energy dependence varies widely across the trade union, with countries like Bulgaria almost entirely dependent on the Russian oil. Hungary has already declared it cannot support an oil embargo.
Top EU diplomats said Monday that the bloc is drafting proposals to impose a ban on the import of Russian oil.
Any oil embargo reportedly relies on the technical details and the support of the EU’s 27 member states alike.
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