Russian President Vladimir Putin on Monday said Moscow will continue to supply energy resources to countries that are “reliable partners".
“We will continue to supply energy resources to countries that are reliable partners. Russian companies need to take advantage of the current situation," said Putin.
He further said that logistics will shift towards more profitable markets and changes in logistics for oil deliveries will take a long time and require significant expenditure.
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Brent crude surged to $120 per barrel, triggering a global energy crisis and sending governments scrambling amid the ongoing conflict in West Asia.
Experts said the global economy is facing its most significant threat since the 1970s as energy markets face a massive supply shock due to the escalating war in the Gulf, where both Iran and US-Israel targeted major oil infrastructure over the past three days.
“If European companies and European buyers suddenly decide to reorient themselves and provide us with long-term, sustainable cooperation, devoid of political pressures, free from political pressures, then go ahead. We’ve never refused," Putin said.
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He further said: “We’re ready to work with Europeans, but we need some signals from them that they’re ready and willing to work with us and will ensure this sustainability and stability."
“Oil production linked to the Strait of Hormuz risks coming to complete halt as early as next month," he added.
Source: World News in news18.com, World Latest News, World News
