Russian President Vladimir Putin said in a meeting with the Cabinet of Ministers that Western sanctions are hurting the Russian economy and many risks still remain.
“The so-called economic lightning bolt designed by our ill-wishers in relation to Russia, of course, failed. However, I would like to draw attention to the fact that it still causes damage.”
The head of state urged members of the government, heads of ministries and departments to “not be superficial about the risks, but watch the situation carefully”. According to him, he sees how some officials have become “superficial about measures” to curb the risks from sanctions.
“They don’t care, these sanctions, they’re gone, everything is in the past, we have overcome everything and we are confident,” said Putin. “Yes, we should feel safe, but risks remain for both individual sectors and the labor market.”
According to the president, it is necessary to implement the measures developed by the authorities in the medium and long term, which will “guarantee the stability of our economy and its development in line with the plans,” in a timely manner.
Preparing for the oil embargo
Putin recalled that Russian authorities had repeatedly warned that an oil embargo could be imposed on the country.
“The other day, the European Union brought another sanctions package that includes an oil embargo. Domestic companies should be ready for this decision,” he said. According to the president, the European Union’s decision should not come as a surprise to Russian companies.
He asked companies to report on what measures they have taken in relation to the imposition of sanctions.
Earlier, G7 leaders promised they would consider limiting the prices of Russian oil, and the European Union imposed a deferred embargo on oil purchases from Russia as part of the sixth package of sanctions against Russia.
“Growth is observed in some indicators”
Putin said that oil production in Russia has increased by 3.5% since the beginning of the year, while gas production decreased by 2% in the January-May period. According to him, the level of gas condensate oil production in June reached 10.7 million barrels per day.
“Despite the unprecedented pressure of sanctions, the situation in the Russian fuel and energy complex is quite stable. Moreover, there is growth even in a number of key indicators,” he said.
According to him, the sustainability of the fuel and energy complex was achieved thanks to measures to support the industry, strengthen technological independence and redirect export supplies.
Orientation to the South and East
The President said that Moscow considers the development of infrastructure to expand and diversify the gasification of Russian regions as its priority. export of energy resources to the south and east.
“The government is working on options to develop rail, sea and pipeline infrastructure for the supply of Russian oil and petroleum products to friendly countries,” Putin said.
The head of state emphasized that energy companies from Russia are “reliable and responsible partners.”
world market prices
According to the President of the Russian Federation, restrictive measures against Russia “do much more harm to the countries that introduce them precisely.”
“Europeans are trying to replace Russian energy supplies, but we expect the result of such actions to be an increase in gas prices in the spot market and an increase in the cost of energy resources for end consumers, including households,” said Putin.
He believes that greater use of sanctions policy could lead to more serious, even “catastrophic, consequences” in the global energy market.
Putin said, “World markets are still in high fever due to the West’s calls to give up on Russian energy resources,” and reminded that the price of Brent oil reached 130 dollars per barrel in mid-June with the expectation of openness.
He noted that the West urged other countries to increase oil production.
“The global energy market is very calm, actually stable, it does not tolerate fuss. “The mistakes made here cannot be corrected in two days,” he said.
The head of state urged the Russian authorities to be guided “only by the national interest” in such conditions and to do everything to protect the economy and the well-being of citizens.
Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.