Putin: West unlikely to reject Russian energy for yearson June 9, 2022 at 7:46 pm

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Russian president says oil and gas profits are increasing thanks to rising energy prices.

Vladimir PutinImage source, Reuters

Russian President Vladimir Putin says the West will not be able to cut itself off from Russian oil and gas for several years.

He added that nobody knows what might happen in that time, so Russian companies would not be “concreting over their oil-wells”.

It comes as a US official admitted that Russian profits on energy may be higher now than they were before the war.

The EU currently imports around 40% of its gas from Russia.

The bloc has pledged to reduce its dependency on Russian oil by 90% by the end of 2022, but so far has not made any commitments on gas.

The US has placed an embargo on all Russian energy products. The restrictions on Russian energy are designed to punish Moscow for invading Ukraine.

But rising global oil and gas prices mean that Russian profits could have risen in recent months, despite a reduction in the overall supply.

“The volume of oil is decreasing on the world market, prices are rising,” President Putin told a group of young entrepreneurs.

“Company profits are rising,” he added.

That idea was echoed on Thursday by US energy security envoy Amos Hochstein.

Asked at a Senate hearing if Russia could be earning more now from fossil fuels than it was before the war, Mr Hochman replied “I can’t deny that”.

Vladimir Putin at the Peter the Great exhibition

Image source, Reuters

The Russian president was speaking on Thursday after attending an exhibition in Moscow dedicated to the 350th anniversary of the birth of Russian monarch Peter the Great.

The 18th Century ruler fought a long territorial war against Sweden, which Putin appeared to compare to his invasion of Ukraine.

“You get the impression that by fighting Sweden he was grabbing something. He wasn’t taking anything, he was taking it back,” he told his young audience.

“It is our responsibility also to take back and strengthen,” he said, in an apparent reference to Ukraine.

This video can not be played

To play this video you need to enable JavaScript in your browser.

- Advertisement -

Discover

Sponsor

Latest

COP26: Scotland’s young climate change activists in pictureson November 2, 2021 at 6:18 am

Photographer Andrew Crawley set out to capture "the Scottish Greta Thunbergs" on camera ahead of COP26.

Ukraine conflict: Your guide to understanding day nineon March 4, 2022 at 8:28 pm

Europe’s largest nuclear plant seized. Here's what you need to know after day nine of the war.

Greggs and Primark to launch fashion rangeon February 9, 2022 at 12:53 am

A limited-edition, 11-piece collection will be available in 60 Primark stores later this month.

Accolades, skepticism and science marked Science News’ coverage of Apollo

To cover humankind’s first steps on the moon, Science News needed a backup plan. “We didn’t know what kind of pictures we’d get, when we would get...

Norway shooting: Man charged with terrorism after deadly Oslo attackon June 25, 2022 at 9:58 am

Two were killed and 21 injured ahead of Oslo Pride, and police say it may have been a hate crime.Image source, EPAA 42-year-old man...