Russian President Vladimir Putin said Moscow remains ready to supply oil and gas to European countries, but expects a clear signal from them before doing so. He made the remarks during a meeting devoted to the situation on the global oil and gas market.
“If European companies—European buyers—suddenly decide to reorient themselves and ensure long-term, stable cooperation with us, free of political considerations, stripped of political opportunism—then please,” Putin said, commenting on potential supplies after discussing risks to the oil market stemming from the situation around the Strait of Hormuz.
According to him, Russia has never refused to work with its European partners. However, he noted, Moscow now needs “some kind of signals” from European countries indicating they are ready to resume cooperation and ensure the “sustainability and stability” of such ties.
Putin also recalled that he had earlier instructed the government to assess whether it remains worthwhile to continue supplying Russian fuel to the European market and not to wait for the moment when Europe “demonstratively slams the door.” Russian authorities have already said that part of the liquefied natural gas supplies previously sent to Europe will be redirected to “friendly” countries in Asia.
According to the president, Russia will continue exporting oil to buyers in countries across the Asia-Pacific region, as well as to Hungary and Slovakia.
The Strait of Hormuz remains one of the key arteries of global energy trade—around 20–25% of the world’s seaborne oil shipments pass through it. After the outbreak of war with Israel and the United States, Iran said it intended to block the strait, bringing ship traffic to a halt and triggering a sharp rise in oil prices.
Against this backdrop, France announced a decision to send naval vessels to the Strait of Hormuz area in order to help restore safe navigation.
Amid the war in the Middle East and the sharp rise in oil and gas prices, Putin also said Russia intends to redirect gas supplies previously destined for Europe to Asian markets.