Putin: West's Attempts to Push Out Russian Energy Companies Will Impact Global Economy

Following the start of Russia's special military operation in Ukraine several European countries, as well as the US, have called on other states to boycott Russian energy resources to punish Moscow. However, the notion is opposed by several European nations importing Russian gas and oil fearing power shortages and price spikes.

The attempts by the West to push Russian energy companies out of their markets will inevitably have an impact on the entire global economy, Russian President Vladimir Putin has stated. Putin noted that these "unfriendly" countries, a term used by Moscow to describe sanctions-imposing nations, themselves admit that they can't do away with Russian energy resources for good.

The president stressed that alternative sources of energy resources, such as US-made liquefied natural gas, will be more costly for Europeans. He further added that energy prices are being destabilised and driven up by the European nations themselves every time they threaten to boycott Russian gas and oil.

"A reasonable replacement [of Russian gas] for Europe is currently simply not available. Yes, it is possible, but right now there are no replacements, everyone understands this. There are simply no available volumes on the global market, and deliveries from other countries […] will cost consumers [several] times more, they will affect the standard of living for Europeans and the competitiveness of the European economy", the president said.

Putin additionally noted the attempts by Western governments to blame Russia for soaring energy prices, saying they should be blaming their own mishaps in the sphere of green energy.

According to the Russian president, banks from "unfriendly" nations are delaying payments for Russian energy resources and called to speed up the process of the complete rejection of the dollar and euro in foreign trade and switching to national currencies instead.

The US and several European countries have urged other states to do away with Russian energy resources in response to its special military operation in Ukraine. The US introduced a ban on coal, gas, and oil imports from Russia, which had been minimal, while reportedly excluding nuclear fuel for power plants. Several European countries promised to follow suit, however, so far propositions to ban Russian gas and oil imports in the EU have failed during discussions among member states.

Several European nations, such as Germany and Austria, have been importing Russian gas in large volumes and thus opposed the measure as it will effectively plunge their economies into a crisis due to power shortages and forced closures. While these countries promised to reduce purchases of Russian energy resources as soon as possible, it is unclear how much time it is going to take.