Russian President Vladimir Putin stated on Thursday that despite the West’s attempts to reduce its reliance on Russian energy supply, Russian enterprises would not shut down their oil wells.

The United States imposed an embargo on Russian imports in March, just days after Moscow pushed troops into Ukraine, while the European Union agreed in principle last month to progressively reduce 90 percent of its Russian oil imports by the end of this year. 

Putin said that the West would be unable to entirely cease utilizing Russian energy resources in the coming years.

“As far as refusal from our energy resources is concerned, this is unlikely for the next few years, while it’s not clear, what will happen during those few years. That’s why, no one will pour cement into the wells,” Putin told a televised meeting with young entrepreneurs.

Russian oil output decreased by roughly 9% in April, but has been steadily increasing since then, despite the West’s broad sanctions, as Moscow switched its oil shipments to Asia, particularly India and China.

Russia may be earning more money from its fossil resources today than before the start of what it terms its “special military operation” in Ukraine, as global price hikes outweigh the effect of Western measures to limit its supplies, according to Amos Hochstein, the United States’ energy security ambassador. more info

Putin said that the sanctions had reduced global oil supplies while driving up prices.

“The earnings of (Russian) companies are rising in money terms. Everybody sees it, everybody understands it,” he said.

Source: Reuters

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