Putin reaffirms Russian commitment to European oil and gas deliveries

Russia has no intention of suspending oil and gas deliveries to Europe, despite unprecedented sanctions being imposed on Moscow by the West, Russian President Vladimir Putin said on Thursday.

“We will fulfil all our obligations in the field of energy supply. We will supply everything we have to supply,” Putin said at a government meeting, according to the Interfax news agency, describing Europe as the main customer for Russian energy.

Putin threatened to cut off German natural gas supplies for the first time earlier this week, as the scale and severity of Western sanctions imposed on Moscow for the war in Ukraine became clear.

Russia’s Deputy Prime Minister, Alexander Novak, said on Monday: “We have the full right to make a ‘mirror’ decision and impose an embargo on the transit of gas through the Nord Stream 1 pipeline, which is running at maximum 100% capacity today.”

Russia is Europe’s largest single oil supplier – accounting for 30% of Europe’s annual consumption of 500 million tonnes.

Putin also appeared to be making a case for foreign investment in Russia at the ministerial meeting. Closing oneself off to anyone was not the answer, he said.

“We are open to cooperation with all our foreign partners who want it,” he said, adding that the rights of foreign investors in Russia who did not want to leave the country needed reliable protection.<