Putin Says Europe Has No Immediate Alternative to Russian Gas

Описание: Russian President Vladimir Putin said Thursday attempts of Western countries to exclude Russian energy suppliers will affect the world economy.

"Consequences of such a step can become quite painful, first of all, for initiators of such a policy," Putin said Thursday during a meeting with top officials on the situation in the Russian oil and gas sector.

Putin added that Russian natural gas can't be replaced by alternative resources.

"What is surprising here: so-called partners from unfriendly countries assume that they can avoid Russian energy resources, including natural gas. Its reasonable replacement for Europe doesn't exist. It is possible, but it doesn't exist so far. Everyone understands there is no free volume (of energy resources) on the world market," Putin said.

Besides, he added Russia "set a goal to convert calculations for energy resources to national currency, progressively moving away from the dollar and the euro."

"All in all, we are going to increase the proportion of calculations in national currency in the system of external trade," Putin said.

The Russian military operation in Ukraine has sent inflation surging to unexpectedly high levels.

Prices for oil and gas have been rising over fears of a cut off from Russia, which is the world's largest oil exporter.

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