The president emphasized that Russia sits on some of the planet’s richest hydrocarbon reserves, making the oil sector a cornerstone of the national economy. Over the years, new fields have been brought online, production has climbed, and the quality of refining has advanced. He also argued that a stable and reliable flow of Russian oil to buyers abroad acts as a guarantee of Russia’s prominent role in global energy supply.
He noted that Western colleagues have reacted differently, highlighting how leaders in the energy sector across various nations understand the natural concerns about climate and the ongoing discourse around climate change. This, he suggested, indicates a political tendency in the West to overstate alternatives to traditional energy and downplay the significance of conventional sources for domestic political reasons. As a result, he claimed, unfounded lawsuits are aimed at Russian companies and administrations, and land for new projects is not allocated in many cases.
In this context, he linked current events around Ukraine to a broader policy approach he described as ill-conceived by the so-called collective West, which has long ignored legitimate security concerns for Russia. He argued that Moscow’s concerns about security are fully legitimate and should be acknowledged.
He further contended that Western countries encouraged Kyiv, while overlooking the hardships in eastern Ukraine, contributing to eight years of conflict.
economic consequences and energy policy
The president warned that European nations are tightening sanctions on oil and gas markets for political reasons, driven by ambitions and external influence. This approach, he argued, fuels inflation and drives a search for culprits rather than accountability. He observed that European authorities have acknowledged they cannot entirely abandon Russian energy, yet they pursue goals without fully weighing the damage to their own economies.
According to him, Western policymakers and economists appear to forget fundamental economic principles or choose to ignore them, causing predictable harm. He suggested that sanctions and threats of an outright rejection of Russian energy would push oil prices higher in the spot market. He asserted that Russia bears no responsibility for energy-driven inflation, while Western leaders are quick to attribute it to external forces as a way to mask their own strategic missteps.
He argued that a complete cutoff would leave Europe facing the highest energy costs globally in the long term, turning energy into a domestic challenge for European nations. He noted that revenues in the Russian oil and gas sector have risen due to what he described as chaotic moves by European authorities, but this should not undermine the resilience of Russian companies.
Changes in the oil market are described as tectonic, making it unlikely that the old business model will continue. Under new conditions, it is crucial not only to extract oil but also to build and manage the entire supply chain to reach the end consumer. The leader pledged ongoing efforts to strengthen national logistics capabilities and to establish a payment system based on national currencies, with the aim of enabling companies to adapt their business models accordingly. Understanding potential Western moves in the near future, he urged proactive, pragmatic responses that turn partner missteps into opportunities for Russia’s advantage.