The war in Ukraine, provoked by Vladimir Putin, puts Russia in a difficult situation, dependent on its sales of hydrocarbons.
Russia will have to reorganize its energy sector in the face of European sanctions, Vladimir Putin judged on Tuesday, but he estimated that the EU would be the first to suffer from its “economical book burningby giving up Russian hydrocarbons. Speaking at a meeting dedicated to the oil sector, the Russian president underlined that by doing without Russian energy resources, Europe becomes the region where the prices of these become “the highest“.
“To commit such an auto-da-fé, such an economic suicide, it is obviously their problem“, he estimated. “We must act pragmatically, put our own interests first“, he continued. “The result of the chaotic actions of our partners has been an increase in revenues from the hydrocarbon sector“, Observed Vladimir Putin, considering nevertheless that the changes on the oil market were of nature “tectonic“.
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“It is unlikely that we will be able to do business again as before“, he acknowledged. “In the new conditions, it is important not only to extract the oil, but also to build the whole chain up to the final consumer“, developed the president. He assured that the state would “everything to change the business model of companies», «improve logistics“, or “allow payments in national currencyare all areas where Western sanctions have weakened the Russian economy.
Since the start of the Russian offensive in Ukraine on February 24, the 27 EU states have been trying to reduce their dependence on Russian hydrocarbons, but they have so far failed to agree on a halt progressive purchases of Russian oil. Hungary is currently blocking an oil embargo project against Russia, Budapest having calculated that stopping Russian oil purchases would cost it between 15 and 18 billion.
Since Vladimir Putin came to power in Russia at the turn of the 2000s, the authorities have been promising changes to enable the country to get rid of its very heavy dependence on hydrocarbon exports and to develop other economic sectors. Promises that have so far appeared as pious wishes.
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