Putin Vows Resilience Amid Sanctions: Energy Sector's Future

Russian President Vladimir Putin assured that Russia's energy sector can overcome Western sanctions and emphasized strong ties with BRICS and OPEC+. Highlighting the sector's importance, Putin discussed ongoing supply commitments, payment difficulties, and the need for a renewed energy strategy.

Russian President Vladimir Putin declared that the nation's energy sector is poised to meet its objectives despite facing "illegal" Western sanctions. He commended the partnerships with BRICS and OPEC+ during the Russian energy week forum.

Oil and gas revenues, accounting for roughly a third of Russia's state budget, are vital to the country's economy amidst Western sanctions due to the Ukraine conflict. Putin emphasized ongoing cooperation with BRICS and OPEC+, which Moscow views as strategic counterbalances to Western influence.

Putin confirmed that Russia continues to fulfill its energy resource commitments on the global market, stabilizing it through active participation in OPEC+ and the gas exporters forum. He also noted the challenges in receiving payments for exports, stressing the urgent need to revamp the nation's energy strategy within months.

(With inputs from agencies.)