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Russian President Vladimir Putin has said it is impossible for some European countries to quickly give up Russian oil, as the European Union is proposing.
EU member states are negotiating a proposal to impose an embargo on Russian oil because of the war in Ukraine, but talks failed this week due to the veto of Hungary, a country heavily dependent on Russian oil imports. .
“Obviously, some EU countries, in which the energy balance shared with Russian hydrocarbons is particularly high, will not be able to give up our oil for long,” Putin said.
Speaking at a meeting with local oil managers and government officials, Putin also said on May 17 that Western sanctions and the possibility of imposing an embargo on oil have resulted in rising global oil prices.
He said that by giving up Russian energy supplies, Europe risks paying higher prices for energy in the long run, while competition in the industry would be undermined.
The Russian president also said that Western sanctions have boosted inflation across Europe.
Russia is facing declining oil production, which has reached its lowest level since the break-up of the Soviet Union. The reduction in production has been influenced by Western sanctions which are complicating the sale of Russian oil in the world.
“There are tectonic changes in the oil market and doing business as before seems impossible,” Putin said, adding that it was very important to create a chain that would send the product from producer to buyer.
The European Commission has proposed imposing an embargo on Russian oil and refined products. But for such a decision to be approved, the approval of all 27 bloc states is required. Hungary is the most vocal country against such an embargo./Rel
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