Russia Interested in Supplying Oil to Europe Amid Strait of Hormuz Crisis

International Desk: PNN
Russian President Vladimir Putin said that if the U.S.-Israel operations against Iran block oil and gas transportation via the Strait of Hormuz, Russia is ready to supply oil and gas to Europe under certain conditions.

Speaking on television Monday, Putin said: “If European institutions and buyers want to turn to us for long-term and stable cooperation in a politically pressure-free environment, we have never refused. We are ready to work with the Europeans.”

He added that the ongoing conflict in the Middle East has created opportunities for Russian companies, as Iran has effectively halted shipping through the Strait of Hormuz, which accounts for about one-fifth of global oil transportation.

Putin’s statement came as Brent Crude prices exceeded $100 per barrel, reaching $119 on Sunday, a level not seen since Russia’s invasion of Ukraine in 2022.

Previously, European countries had reduced their dependence on Russian oil and gas over four years. In 2022, the EU banned seaborne crude oil imports from Russia, and from January, Hungary and Slovakia have effectively ceased pipeline-based Russian gas imports.

Putin’s conditional offer to supply oil has opened new diplomatic and economic possibilities for the European market amid the global energy crisis.