MOSCOW: Russian President Vladimir Putin said on Thursday that the vast domestic energy sector will be able to achieve its goals and overcome “illegal” western sanctions, while also praising ties with BRICS and OPEC+ groups.
Russian oil and gas sales account for around a third of total state budget revenues and have been crucial for underpinning country’s economy, which faces multiple sanctions from the West over the military conflict with Ukraine.
Speaking at the Russian energy week forum, Putin praised cooperation with the BRICS group of countries, which Moscow sees as a counterbalance to the West, adding that Russia will continue cooperation with the OPEC+ oil producers.
“Russia fulfils its obligations to supply energy resources to the global market. It plays a stabilising role in it by participating in such authoritative formats as OPEC+ and the forum of gas exporting countries,” Putin said.
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“And we will certainly continue this cooperation with our partners.”
Putin also acknowledged difficulties in payments for Russian energy exports, for which “friendly” countries, which not introduced sanctions against Russia, account for 90%.
He said that the government should renew the country’s energy strategy in the next several months to address the challenges.
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