Russia’s oil and gas: Vladimir Putin “thinks supply to the West will fall” – 04/14/2022 15:51 PM

The Russian president has called for the development of new outlets for Russian fossil fuels, especially towards the Asian market.

Vladimir Putin, April 14, 2022, in Moscow (Sputnik / Mikhail Clementiev)

Vladimir Putin, April 14, 2022, in Moscow (Sputnik / Mikhail Clementiev)

Vladimir Putin on Thursday, April 14, diverted Russian energy exports from Europe to Asia, accusing Europeans of “disrupting the market” by wanting to do without hydrocarbon Russians because of the crisis caused by its attack on Ukraine.

“We expect supply to the West to decline in the future,” the Russian president told a government meeting dedicated to the energy sector in the wake of international sanctions. Therefore, “we need to restructure our exports to the rapidly growing southern and eastern markets,” he added. “European countries continue to talk about doing without Russian goods, thereby destabilizing the market and raising prices,” the Russian president accused.

“Western efforts to expel Russian suppliers, shifting our energy resources to alternative supplies will inevitably affect the entire global economy.”

Vladimir Putin warned that “the consequences of such a move would be very painful, first and foremost for those who initiate such a policy.”

Russian gas imports by EU countries by 2020 in Terazouls (AFP /)

Russian gas imports by EU countries by 2020 in Terazouls (AFP /)

Europeans are considering extending sanctions against Moscow’s hydrocarbons in response to the Russian president’s call to build new outlets for Russian fossil fuels (a “turn to Asia” that began several years ago) in Ukraine.

Russian oil and gas, which continues to flow into Europe – its first market – guarantees significant returns to Moscow. Vladimir Putin did not specify which countries he was thinking of, but the growing hunger for hydrocarbons is on the border of China and Russia. Beijing has a reputation for being a tough negotiator, however, and Russia wants to look beyond these neighbors.

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The potential embargo on Russian gas has been the subject of bitter debate among EU member states, with Germany one of the main opponents of an immediate halt to these imports. The European Union, the United States and Japan have announced a ban on Russian coal, and European Commission President Ursula von der Leyen has indicated that he will propose the EU’s goal of freeing Russia from fossil fuels by 2027.

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