Global RiskNews Briefs

West unlikely to reject Russian energy for years – Putin

Putin has announced that he doesn’t believe that the West will be able to cut off supplies of Russian oil and gas for several years. He said Russian companies will not be concreting over their oil wells. A US official did admit that Russian profits around energy are higher now than they were before the war. 

The EU imports approximately 40% of its gas from Russia but has vowed to reduce its dependency on Russian oil by 90% by the end of the year. The United States has placed a total embargo on Russian energy products to punish Moscow for invading Ukraine. Rising global gas and oil prices, however, does mean that Russian profits could have risen in the past few months despite a reduction in supply.

Read more: West unlikely to reject Russian energy for years – Putin

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