Emirates 24/7 — Russian President Vladimir Putin confirmed on Monday his country's readiness to supply European nations with oil and gas if requested, within a framework of "permanent and regular cooperation." The statement comes as energy prices surge due to the ongoing conflict in the Middle East.
Oil prices have been on a steady incline since the United States and Israel launched strikes against Iran on February 28, surpassing $100 per barrel for the first time since the start of the Russia-Ukraine conflict in 2022.
During a government meeting focused on market conditions, Putin stated that Moscow remains ready to supply "reliable" Asian partners with oil, as well as EU members Hungary and Slovakia.
"If European companies and buyers suddenly decide to open up to us again and offer long-term, sustainable cooperation without political pressure, they are welcome. We have never refused that," Putin said. He added that while Russia is prepared to work with Europeans, it requires "signals that they are ready and willing" to do so.
The European Union banned seaborne imports of Russian crude in 2022. Furthermore, Russian pipeline exports to Hungary and Slovakia effectively ceased in January due to damage sustained by the "Druzhba" pipeline crossing Ukraine.
Putin's remarks followed hours after Hungarian Prime Minister Viktor Orban urged the European Union to suspend sanctions on Russian oil and gas in light of the price hikes triggered by the Middle East war.