Moscow: Global oil markets will collapse without Russian resources


Russian Deputy Prime Minister Alexander Novak said that his country is the largest source of energy resources in the world, and that the global oil and gas markets would collapse without the presence of Russian resources.


Novak said in a speech in the Russian State Duma on Wednesday that gasoline prices in the United States of America rose 19 percent due to the embargo imposed on Russian oil.

“They are trying to charge Russia with price hikes, but it is clear that our country has nothing to do with this crisis,” he added.

He pointed out that the European continent also suffers from energy problems, indicating that Russia has never used its energy resources as a weapon against other countries.

He pointed out that his country continues to supply gas to European consumers under previously concluded contracts, despite the difficult geopolitical situation.

Novak described the ban on the Nord Stream 2 gas pipeline as “ridiculous”, adding:


“At a time when prices are rising and energy resources are scarce, the European Union has refused to operate the Nord Stream 2 project that has already been built under pressure from the United States.”

“Without Russian hydrocarbon resources, the rise in energy prices cannot be predicted,” he added.

On February 24, Russia launched a military operation in Ukraine, which was followed by angry international reactions and the imposition of “tough” economic and financial sanctions on Moscow.


To end the operation, Russia requires Ukraine to abandon any plans to join military entities, including NATO, and to adhere to complete neutrality, which Kyiv considers an “interference in its sovereignty.”