Putin Tells Russian Companies Take Advantage Of Global Energy Crisis

According to a report by Sky News on Monday, March 9, 2026, Russian President Vladimir Putin has urged domestic companies to leverage the ongoing global energy crisis, emphasizing that the current turmoil in energy markets presents opportunities for Russian exports. Speaking amid rising tensions in the Middle East and volatility in global oil markets, Putin highlighted the strategic role Russia continues to play as a major energy supplier.

During remarks to Russian business leaders, the president noted that oil shipments passing through the Strait of Hormuz a critical maritime corridor responsible for roughly 20% of the world’s oil exports could face disruptions, potentially leading to a temporary halt in supplies. He stressed that this development, coupled with ongoing geopolitical instability, has created a “unique opportunity” for Russian energy companies to expand sales, particularly to European customers.

Putin emphasized that Russia is willing to resume supplying European markets with oil, provided that agreements are long-term and free from political interference. “We are ready to work with European buyers again under terms that are mutually beneficial and not politicized,” he said, signaling a potential easing of tensions in energy trade if contractual conditions are favorable.

The Russian leader also addressed recent price fluctuations in global oil markets, noting that while prices have surged amid the Middle East conflict, the spike may be temporary. Nevertheless, he encouraged Russian firms to act swiftly to maximize their advantage during this period of heightened demand and constrained supply.

Since December 2022, the European Union and the United Kingdom imposed bans on seaborne imports of Russian crude oil in response to Russia’s invasion of Ukraine, aiming to restrict its energy revenues. According to the International Energy Agency (IEA), EU imports of Russian fossil fuels declined by nearly 90% between 2021 and 2024. These sanctions have forced Russia to pivot toward alternative markets, including Asia, while exploring mechanisms to maintain oil revenue in the face of global restrictions…..See More