Putin said about the confidence of oil and gas companies against the backdrop of sanctions

Despite the sanctions , the Russian fuel and energy complex (FEC) - oil and gas companies, feel confident, said Russian President Vladimir Putin .

“Despite the openly hostile actions of a number of countries, illegal and endless restrictions, sanctions, the Russian fuel and energy complex - our oil and gas companies as a whole feel confident: they are developing, successfully solving the tasks they face, including in the field of foreign trade, finding new reliable partners, rebuilding logistics routes,” he said during a meeting on the implementation of the Murmansk LNG project.

Putin noted that “a number of large projects are being implemented in the country — they are the backbone for the further development of the fuel and energy complex, as well as many regions of the country.” Among them are Vostok Oil, Yamal LNG, Arctic LNG-2, the Amur gas processing plant and gas chemical complex, as well as Sakhalin projects.

According to the president, Russian strategic oil and gas pipelines — Power of Siberia, Eastern Siberia — Pacific Ocean, and Turkish Stream — were in demand. “Today we only talked about this with our colleagues from Turkey,” he said, adding that a gas hub project is being worked out with Ankara.

In addition, Russia is considering the possibility of accelerating the construction of the Far East route, as well as the Power of Siberia-2 gas pipeline, "given good prospects for expanding cooperation with friendly countries," the president stressed.

“In general, in the current difficult conditions, Russia not only confirms its energy self-sufficiency, independence, and protection from external shocks, but also continues to occupy key positions in the global energy sector. We are working, without any exaggeration, confidently and self-sufficiently,” Putin concluded.

In December 2022, the EU countries imposed an embargo on the import of Russian oil and set a price ceiling for sea deliveries to third countries ( the United States , Canada and Japan joined it ). Countries that have not joined the embargo cannot buy Russianoil is more expensive than $60 per barrel.

In response, Russia refused to sell its oil to countries that joined the "price ceiling". Against this background, the discount on Russian oil grew, which led to a sharp reduction in oil and gas revenues. To rectify the situation, the Russian authorities, as early as the beginning of 2023, began to gradually reduce this discount for tax purposes. They provided for a gradual reduction in the discount from $34 per barrel in April to $25 per barrel in July.

Also, Moscow twice announced a voluntary reduction in oil production - by 500 thousand barrels. per day in March and August, respectively. In September, Moscow intends to cut exports by 300,000 barrels, the Cabinet reported.