Russian President Vladimir Putin will hold a meeting on Thursday on the situation in the oil and gas sector, with the main report to be made by Deputy Prime Minister Alexander Novak, in charge of the issue, Kremlin spokesman Dmitry Peskov said.
Western countries in response to Russia's special military operation in Ukraine have introduced a number of anti-Russian sanctions. Some of them directly or indirectly affected the Russian oil and gas sector.
The United States announced an embargo on imports of Russian energy resources (with the exception of uranium). Next, the UK announced that by the end of 2022 it would stop importing oil and oil products from Russia. Poland also wants to stop buying oil from Russia by the end of the year. However, the European Union has so far refrained from a collective ban on oil and gas imports from Russia, realizing its dependence.
Nevertheless, periodic statements about the possible refusal by the EU to use Russian oil and gas create a general negative background for their exports. The same effect was provoked by the embargo of the US, which is not even a significant market for the Russian Federation. As a result, many buyers, fearing potential sanctions and reputational risks, independently decide to refrain from buying Russian energy resources.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU