Since the beginning of the war in Ukraine, Western countries have imposed sanctions on Russia’s energy sector, but European countries continue to buy Russian gas, especially liquefied natural gas (LNG). Due to the US and Israel’s war with Iran and Tehran’s closure of the Strait of Hormuz, rapidly rising prices have even forced some countries, including the United States and Great Britain, to ease some import restrictions on Russian oil.
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“The world is on the verge of a very serious energy crisis due to instability in the Middle East,” K. Dmitriev said during the St. Petersburg International Economic Forum (SPIEF). “For Europe to overcome this crisis, it needs to find opportunities for cooperation with Russia and restore both oil and gas flows from Russia.”
Analysts say that in the first quarter of this year, the European Union (EU) imported more Russian LNG than at any time since 2022. Russia is the bloc’s second-largest supplier.
Europe plans to ban Russian LNG imports from next year and rejects talk of any easing of existing sanctions. EU diplomacy chief Kaja Kallas called for greater pressure on Moscow.
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“So far, we have not seen any willingness from the Russian side to actually negotiate” an end to the war, she told AFP in Brussels on Wednesday.
Nevertheless, Russia sensed an opportunity for sanctions to be eased or ignored during the crisis. With the outbreak of war in the Middle East, V. Putin stated that he was ready to supply oil and gas to European countries if they committed to “long-term and stable cooperation” with Moscow.
Since 2022, Russia has increased energy sales to China and India, which often sell energy at a discount compared to global prices.
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