“Economic suicide”: Putin appreciated the EU’s energy policy

The key to the leadership of Russia

The President noted that Russia has the richest hydrocarbon reserves, and therefore the oil industry remains one of the leading components of the economy. For years, new deposits have been developed in the country, production has increased and the quality of oil refining has increased. Putin also believes that “the stable and reliable supply of Russian oil to foreign consumers serves as a guarantee of Russia’s leading position in the world energy supply.”

“Unfortunately, our colleagues in Western countries behaved in a completely different way – both you and the representatives of the energy sector in other countries know and understand all this very well. In fact, the so-called political class in the West has begun to speculate about the absolutely natural concerns of many people on the planet with climate issues, climate change issues,” he said.

According to him, it is “clear” that the West has begun to exaggerate alternative energy possibilities and underestimate the importance of traditional energy “for domestic political reasons”. Therefore, “false lawsuits” are carried out against Russian companies and administrations, they are not allocated land for new projects.

“In this direction, everything that is happening around Ukraine today, including our great sadness, is connected with the ill-conceived policy of the so-called collective West (of the countries – socialbites.ca), which has been ignored for decades. “Russia’s absolutely legitimate concerns in ensuring their security,” he said.

He added that Western countries were also encouraging the Kyiv authorities, ignoring the problems in eastern Ukraine, and “in fact contributed to the ongoing hostilities for eight years.”

economic suicide

“Today we see that European countries are increasingly imposing new sanctions on the oil and gas markets, for purely political reasons, under their own ambitions and under pressure from the American master. All this leads to inflation. And instead of admitting their mistakes, they are looking for the culprit with them,” he said.

The head of state noted that the Europeans “directly accept” that “they cannot completely give up on Russian energy sources yet”. However, the authorities of European countries took on such a task “without taking into account the damage they caused to their own economies”.

“He gets the impression that his Western colleagues – politicians and economists – simply forget the basics of fundamental, fundamental economic laws or choose to deliberately ignore them, to their own detriment,” the head of state said.

He believes that the sanctions already adopted by the Europeans and his statements about the possibility of a complete rejection of Russian energy carriers “lead to a rise in oil prices in the spot market.” Putin added that Russia is not to blame for energy inflation, but “everyone blames it on trying to cover up their own systematic mistakes.”

“The rejection of Russian energy sources means that Europe systematically becomes the region with the highest cost of energy resources in the world in the long run, of course, it is a domestic issue of European countries,” Putin said.

The head of state added that the revenues of the Russian oil and gas sector have increased due to the “chaotic actions” of the European authorities, but this “should not reduce our companies”.

“Changes in the oil market are tectonic in nature and doing business as before according to the old model, of course, does not seem likely anyway. Under the new conditions, it is important not only to extract oil, but also to establish the entire vertical chain to the end consumer,” he said.

The Russian leader promised that the state will continue to “develop its logistics capabilities and provide a payment system in national currencies.” According to him, this will create conditions for companies to change their business models.

Understanding what steps will be taken in the West in the near future, we must draw conclusions and act proactively, and turn the ill-conceived chaotic steps of some of our partners to our advantage, to the benefit of our country. Of course, there is no need to rely on the fact that mistakes will be made without stopping there, as I said, you need to act pragmatically from the facts ”.