MOSCOW — President Vladimir Putin has stated that Russia is prepared to resume oil and gas supplies to European buyers, provided the cooperation is “long-term” and free from “political pressure.”
The offer comes as global energy markets face severe volatility. Oil prices have surged past $100 per barrel for the first time since 2022, triggered by the ongoing conflict between the United States, Israel, and Iran that began on February 28.
Current Energy Landscape:
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Supply Surge: Putin noted that while maritime imports remain banned by the EU, Russia is increasing deliveries to “reliable partners” in Asia, as well as Slovakia and Hungary.
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Transit Disruptions: Pipeline exports to Central Europe have been halted since January 2026 due to damage to the Druzhba pipeline in western Ukraine.
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Market Pressure: The closure of the Strait of Hormuz and strikes on regional infrastructure have pushed Brent crude to peaks of $119, though prices settled near $100 following reports of a potential G7 strategic reserve release.
Diplomatic and Economic Reactions:
Hungarian Prime Minister Viktor Orbán has formally urged the European Commission to suspend sanctions on Russian energy to counter “skyrocketing” domestic fuel costs. Meanwhile, the EU remains committed to its REPowerEU plan, aiming for a complete phase-out of Russian hydrocarbons by 2027.
The Kremlin maintained that it would not “wait for the door to be slammed” and is actively redirecting its energy exports toward more stable markets in the Asia-Pacific region.
