Russian President Vladimir Putin said on Tuesday that it was “impossible” for some European countries Rapid Russian oil alloy, as the European Union is proposing.
EU members are discussing a proposed oil embargo on Russia over Ukraine, but the talks failed this week because of Hungary’s veto, which relies heavily on Russia’s oil imports.
“Of course, some EU states, especially those with a large share of Russian hydrocarbons in their energy balance, will not be able to do so in the long run to push our oil,” Putin said.
In a televised meeting with domestic oil managers and government officials, Putin said Western sanctions and possible sanctions on Russian oil had pushed up global oil prices.
He says Russia is abandoning power supplies, Europe has taken the risk of paying the world’s most expensive fuel In the long run, the competitiveness of its industry will decline.
He added that Western sanctions have pushed up inflation across Europe.
Russia has been experiencing a decline in oil production since the collapse of the Soviet Union due to Western sanctions, which has further complicated global oil sales.
“The oil market is undergoing tectonic changes, and it seems unlikely that it will be able to do business in line with the old model,” Putin said. It adds that it was important to establish a complete chain from producer to end buyer.
He promised state aid for domestic oil producers, including access to credit and insurance.