Mosk. When there was an oil and gas crisis all over the world due to the Iran war, a big statement from Russian President Vladimir Putin has come out. Putin has clearly said that Russia will continue to supply energy to its trusted partner countries. This gesture of Putin is directly towards those friendly countries like India, which are maintaining trade relations with Russia despite global pressure.
Due to the Iran-Israel war, the prices of Brent crude had crossed $ 120 per barrel. In such a situation, Putin’s trust is no less than a lifesaver for India. Putin said that we will continue to supply energy resources to countries that are reliable partners. Russian companies need to take advantage of the current situation. India is buying a large part of its oil needs from Russia at concessional rates. It is clear from Putin’s statement that despite the tension in the Strait of Hormuz, Russia will not allow its partner friends to face shortage of oil.
Putin acknowledged that logistics for oil delivery would have to change. He said that it will definitely take time and money, but Russia will now turn to markets that are more profitable and stable. Experts believe that Russia is now focusing its attention on Asian markets, especially India and China, instead of Western countries. The interesting thing is that Putin has also talked about giving Europe a chance. He said that if European buyers want to have long-term and stable cooperation with us without any political pressure, we are ready for it. We never refused. However, he placed the condition that for this Europe would have to guarantee stability. The statement comes at a time when Hungarian PM Viktor Orban has appealed to the European Union to lift sanctions on Russian oil and gas to curb rising prices due to the Middle East war.
According to experts, the world is facing the biggest ‘supply shock’ since the 1970s due to Iran and America-Israel targeting each other’s oil infrastructure in the Gulf countries. Putin warned that oil production through the Strait of Hormuz could come to a complete halt by next month. Putin’s promise to stand with ‘reliable friends’ like India in such difficult times is not only important diplomatically, but can also prove helpful in protecting the Indian economy from inflationary shocks.
