Russian President Vladimir Putin has indicated that Russia is willing to resume supplying oil and gas to European countries under certain conditions, as the ongoing conflict involving the United States, Israel, and Iran disrupts global energy shipments through the Strait of Hormuz.
Speaking in televised remarks on Monday, Putin said Moscow would be open to restoring long-term energy cooperation with European customers if they were prepared to work with Russia without political pressure. Many European countries had sharply reduced or completely halted their purchases of Russian oil and gas after the outbreak of the Russia-Ukraine War and the sanctions imposed by the European Union and the Group of Seven.
The European Union banned most seaborne imports of Russian crude oil in 2022, and pipeline deliveries have also been disrupted. Supplies through the Druzhba Pipeline, which previously transported oil to countries such as Hungary and Slovakia, have largely stopped due to damage along the route through Ukraine.
Putin also suggested that Russian energy companies could benefit from the current crisis in the Middle East. Iran’s disruption of shipping through the Strait of Hormuz — a route that carries around one-fifth of the world’s oil and liquefied natural gas — has pushed global oil prices sharply higher.
On Monday, international benchmark Brent crude surged past $100 per barrel, with prices briefly climbing above $119 as fears of prolonged supply shortages spread across global energy markets.
