Stats and Facts
Putin offers EU energy lifeline as Middle East conflict sends oil prices soaring
Wednesday, 11 March 2026
By Eva Hilinski
Russia’s President Vladimir Putin in February 2024. Credit: Belga
Russia has offered to renew oil and gas supplies to Europe, based on a new “long-term” cooperation which would include not putting political pressure on Moscow, President Vladimir Putin said on Monday.
Oil prices have surged after the US-Israeli attack on Iran, launching a global energy crisis as almost all the supplies passing through the Strait of Hormuz were halted, and multiple refineries across the Middle East ceased working.
The second week into the conflict, oil prices surpassed $100 a barrel for the first time since Russia launched its all-out war on Ukraine in 2022.
“If European companies and European buyers suddenly decide to reorient themselves and provide us with long-term, sustainable cooperation, devoid of political pressures... We’ve never refused,” Putin said.
Speaking at a meeting with government officials, he also confirmed that Russia will continue to supply oil to “reliable” partners in Asia, as well as Hungary and Slovakia, who have been the most reluctant EU Member States to reduce imports.
In light of the Middle East conflict, the EU has expressed concern over energy prices surging. However, a spokesperson for the European Commission confirmed on Monday that the bloc has no imminent threat of stock shortage.
The EU has systematically been reducing its dependence on Russian energy resources, with a complete ban on gas to hit in late 2027, and a phase-out of oil imports no later than the end of 2027. As a result, Russia has had to sell more oil and gas supplies at steep discounts to Asia.
Happy Hungary?
Moscow’s comments have come soon after the Hungarian Prime Minister Viktor Orbán called on the EU to suspend sanctions on Russian oil and gas to counter soaring prices.
Orbán has been in confrontation with the EU over the bloc’s policy on the Russian energy phase-out, making energy security the focus of his campaign ahead of the parliamentary elections in Hungary in April.
Hungarian Prime Minister Viktor Orbán. Credit: Belga
He has also blocked new EU sanctions on Russia and a €90 billion loan for Ukraine over deferred Druzhba pipeline repairs, which Russia hit in a missile strike in January.
Speaking to EU ambassadors in Brussels on Tuesday, EU Council President António Costa said that Russia has been the only winner of the Middle East conflict.
“[Russia] gains new resources to finance its war against Ukraine as energy prices rise. It profits from the diversion of military capabilities that could otherwise have been sent to support Ukraine. And it benefits from reduced attention to the Ukrainian front as the conflict in the Middle East takes centre stage,” Costa said.
Putin says Russia can supply oil, gas to Europe as energy prices soar
9 Mar 2026
Russia to wait for Europe’s signal regarding oil, gas deliveries — Putin
Vladimir Putin stressed that Russia has never refused to work with Europeans and is ready to work with them
MOSCOW, March 10. /TASS/. Russia is ready to deliver oil and gas to Europe, but is waiting for a signal that the EU is ready to refrain from timeserving political goals in this sphere, Russian President Vladimir Putin told a meeting on global oil and gas markets in the Kremlin.
“If European companies and European consumers suddenly make a decision to change their position in a way that will ensure our long-term, reliable joint work free from timeserving political considerations <…> they are welcome. We have never refused to work with Europeans, and we are ready to work with them,” Putin said.
“But we need some sort of signal from them, indicating that they are also ready to work and to ensure this stability,” the Russian leader added.
Putin said that from April 25, EU countries plan to impose additional restrictions on Russian hydrocarbons, including on liquefied natural gas (LNG), which is to be completely banned in 2027. In his words, Russia may decide to re-orient its oil and gas supply deliveries from Europe to other customers before the European Union decides to slam the door shut.
“In this regard, the government has already set the task of evaluating the possibility and feasibility of stopping our fuel supplies to the European market, without waiting for the door to be demonstratively slammed in front of us,” Putin said. “The task is to do it now and to redirect these volumes from the European markets to more promising areas, and, most importantly, to gain a foothold there.”
“The current situation is such that if we immediately refocus on those markets that need increased supplies, we can gain a foothold there now. That is, where there is steady long-term demand and reliable long-term relationships, to those states that are building constructive business relations with Russia,” Putin said, adding that he asked the meeting’s participants to offer their advice on all these issues.
https://tass.com/economy/2098917
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