Oil & Gas

Russia continues to supply oil and gas to several European countries, despite ongoing tensions and sanctions, Russian Deputy Prime Minister Alexander Novak confirmed. Speaking to reporters at the Valdai International Discussion Club, Novak emphasized that cooperation with certain European nations remains intact, particularly those that have received exceptions from Western sanctions. He clarified that Russia has not stopped its energy exports to these countries, noting that the decision to maintain or adjust these arrangements lies primarily with the European partners who have imposed the restrictions.

Novak further remarked that Russia has not shown any intention of limiting its economic activities. "I have never heard that we are ready to limit ourselves in any economic activities," he said, underscoring that any reduction in cooperation would not originate from Russia’s side. His statement signals Russia's openness to continuing energy exports as long as the conditions are favorable and mutually agreed upon with its European partners.

One of the key issues highlighted by Novak was the impending expiration of the contract for the transit of Russian gas through Ukraine to Europe, set to end later this year. European nations are reportedly interested in continuing the gas flow through this route, but Novak pointed out that this decision hinges on agreements made between the European Union and Ukraine. While Russia is ready to supply gas, much of the outcome depends on the negotiations and cooperation between the consumers (European countries) and Ukraine, which controls the transit infrastructure.

In conclusion, Novak’s comments reflect Russia’s stance on energy cooperation with Europe: while willing to maintain supplies, it insists that the ball is in the court of European nations and Ukraine. As the contract expiration date approaches, it remains to be seen how both sides will navigate the complex geopolitical and economic landscape to secure continued energy flows.