Russian oil and gas: Vladimir Putin will “assume that deliveries to the West will drop”

The Russian president has called for the development of new outlets for Russian fossil fuels, in particular towards the Asian market. Vladimir Putin, April 14, 2022, in Moscow ( Sputnik / Mikhail Klimentyev ) Vladimir Putin called on Thursday April 14 to redirect Russian energy exports from Europe to Asia, due to the crisis caused by his offensive in Ukraine, accusing the Europeans of “destabilizing the market” by wanting to do without Russian hydrocarbons. “We are going to assume that in the future deliveries to the West will drop,” said the Russian president during a government meeting devoted to the energy sector in the context of international sanctions. We must therefore “reorient our exports towards the markets in the South and East which are growing rapidly”, he added. “European countries are constantly talking about doing without Russian supplies and by doing this they are destabilizing the market and driving up prices,” accused the Russian president. “Attempts by Western countries to oust Russian suppliers, to replace our energy resources with alternative supplies, will inevitably affect the entire world economy”, warned Vladimir Putin, assuring that “the consequences of a such a step can become very painful, and first of all for the initiators of such a policy”. Russian gas imports by EU country in 2020, in terajoules (AFP / ) This call by the Russian president to develop new outlets for Russian fossil fuels (a “turn towards Asia” started several years ago) comes as the Europeans consider extending their sanctions against Moscow’s hydrocarbons in response to its military intervention in Ukraine. The Russian oil and gas which continue to flow towards Europe – its first market – ensure important incomes for Moscow. Vladimir Putin did not specify which countries he was thinking of, but China, whose appetite for hydrocarbons continues to grow, borders Russia. Beijing, however, has a reputation as a difficult negotiator, and Russia is looking to see beyond this neighbour. A possible embargo on Russian gas is the subject of bitter discussions between EU member states, Germany being one of the main opponents of an immediate halt to these imports on which it is very dependent. The EU, US and Japan have announced an embargo on Russian coal and European Commission President Ursula von der Leyen has indicated that she will propose the goal of EU independence from Russian fossil fuels by 2027.