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Vladimir Vinogradov's picture

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  • May 20, 2022

PRESIDENT OF RUSSIA published - May 17, 2022 - Meeting on oil industry development

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..."First, the sanctions imposed by our European colleagues and the declarations on refusing to use any Russian energy in the future have sent spot market oil prices higher. You are aware of this. One ill-considered word at the political level is instantly reflected on the market.

Second, the prices for petroleum products on the European market, such as diesel fuel, are growing even faster than oil prices due to actual shortages. This energy inflation – they are trying to blame us for energy inflation, put our names on it, and blame everything on Russia in an attempt to cover up, as I said, their own blunders in this sphere. Already today, this is impacting European transport and industry generally, and is falling heavily on the shoulders of millions of European consumers.

Finally, third and most important, saying no to Russian energy means that Europe will systemically and for the long term become the world’s most costly region for energy resources. Yes, prices will rise, and resources will go to counter these price hikes, but this will not change the situation significantly. Some analysts are saying that it will seriously or even irrevocably undermine the competitiveness of a significant portion of European industry, which is already losing ground to companies from other parts of the world. Now, these processes will certainly pick up pace. Clearly, the opportunities for economic activity, with its improvements, will leave Europe for other regions, as will Russia’s energy resources.

This economic auto-da-fe… suicide is, of course, the internal affair of the European countries. But in the meantime, we need to act pragmatically, proceeding primarily from our own economic interests."

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