GlobalRussia-Ukraine Crisis

Vladimir Putin to Hold Meeting on Oil and Gas Situation

Russian President Vladimir Putin will hold a meeting on Thursday on the situation in the oil and gas sector, with the main report to be made by Deputy Prime Minister Alexander Novak, in charge of the issue, Kremlin spokesman Dmitry Peskov said.

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Western countries in response to Russia’s special military operation in Ukraine have introduced a number of anti-Russian sanctions. Some of them directly or indirectly affected the Russian oil and gas sector.

The United States announced an embargo on imports of Russian energy resources (with the exception of uranium). Next, the UK announced that by the end of 2022 it would stop importing oil and oil products from Russia. Poland also wants to stop buying oil from Russia by the end of the year. However, the European Union has so far refrained from a collective ban on oil and gas imports from Russia, realizing its dependence.

Nevertheless, periodic statements about the possible refusal by the EU to use Russian oil and gas create a general negative background for their exports. The same effect was provoked by the embargo of the US, which is not even a significant market for the Russian Federation. As a result, many buyers, fearing potential sanctions and reputational risks, independently decide to refrain from buying Russian energy resources.

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