President Vladimir Putin issued a new directive as he attempts to leverage Russia's in-demand fuel to counter a barrage of Western sanctions.
Marcel Salikhov, president of the Institute for Energy and Finance in Moscow, said the move amounted to a"symbolic counter-sanction" aimed at the West. He noted that the Kremlin had already"It's difficult, given the current economic situation, for Russian authorities to abandon sales of oil and gas to the Western countries," Salikhov told NPR.
"You can say, 'We do not trust euros or dollars,' but economically it's the same operation. Money is money."to the U.S., with a 45-day window to wind down existing contracts. European countries have announced plans to reduce dependence on Russian energy. But for now, they continue to buy from Russian oil and gas companies, the largest of which are controlled by the state.
In a speech before the Russian Duma on Wednesday, the Kremlin's Energy Minister Alexander Novak warned of a potential"collapse" in energy markets — predicting prices would skyrocket as Russian exports stalled.Keep up with all the latest news, arts and culture, and TV highlights from KPBS.
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