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7/8, 4:02 PM (Source: TeleTrader)
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Putin: Russian oil firms to prepare for EU embargo

Russian President Vladimir Putin stressed on Friday that the country's energy companies should prepare themselves for a possible oil embargo that might be included in the European Union's upcoming sanctions package. The news comes after the EU has called its member-states multiple times to prepare for a Russian gas cut-off.

Putin added that the block is trying to replace Russian energy resources, which will lead to higher energy prices, with the West collectively forcing other countries to ramp up their energy production. However, this market does not tolerate fuss, he explained, noting that Moscow is now focusing on building the necessary infrastructure for diversification of gas and oil exports to the South and East and is working on energy supply to the so-called friendly countries.

The president also emphasized that oil production in his country rose this year by 3.5% from the beginning of the year, while gas production in January-May went slightly down by 2%.

Baha Breaking News (BBN) / MM