"West Cannot Cut Off Russian Energy," Putin Boasts Loudly

"No Closure of Russian Oil Wells"
"Our Responsibility to Reclaim and Strengthen Ukraine"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyun-jung] President Vladimir Putin stated that the West, including Europe, will not be able to cut off Russian energy for years. This response came after the United States acknowledged that Russia's energy export revenues have increased despite economic sanctions.

According to the British BBC and others, on the 9th (local time), President Putin met with young entrepreneurs in Moscow ahead of the St. Petersburg International Economic Forum and claimed, "The West will not be able to cut off Russian crude oil and gas for years."

Although the European Union (EU) has decided to reduce its dependence on Russian crude oil by 90% by the end of this year and impose embargo measures, it is said to be practically difficult to implement. The EU currently imports about 40% of its gas from Russia.

Earlier, Amos Hochstein, U.S. State Department Special Envoy for Energy Security, responded to a question at a Senate Subcommittee on Europe and Regional Security Cooperation hearing about whether "Russia is earning more money from oil and gas sales than before the war" by saying, "It cannot be denied." This acknowledged the recent claim by Russian Foreign Minister Sergey Lavrov in a broadcast interview that considering the oil prices formed by Western policies, Russia has not suffered any losses and that "Russia's energy export performance will significantly improve this year."

President Putin explained to the entrepreneurs, "Oil production is decreasing in the global market, and prices are rising," adding that "(related) companies' profits are increasing." He then asserted, "There will be no closure of Russian oil wells."

He also compared the 18th-century territorial war with Sweden to the invasion of Ukraine, saying, "We were not taking something away but reclaiming it." Referring to Ukraine, he added, "It is also our responsibility to reclaim and strengthen it."

This content was produced with the assistance of AI translation services.