The energy minister said sale prices could range as wide as $80 to $150 per barrel.
Russia is ready to sell its oil and gas to certain nations at “any price point” as the Kremlin looks to prop up the main source of its revenue despite sweeping Western sanctions during the Ukraine war, the country’s energy minister said Tuesday.
Russian Energy Minister Nikolai Shulginov said the offer applies to so-called “friendly countries” – meaning nations that haven’t imposed sanctions since the Kremlin began its brutal invasion of Ukraine, New York Post reports.
Shulginov discussed the state of Russia’s energy sector in an interview with Kremlin-friendly newspaper Izvestia, according to Reuters. Russia has continued to reap massive profits from oil and gas sales despite mounting calls for an international boycott of all oil and gas imports from the country.
The energy minister said sale prices could range as wide as $80 to $150 per barrel. Shulginov noted the Kremlin was most concerned with keeping Russia’s oil industry operational during the conflict.
Pavel Zavalny, chair of the Russian State Duma’s committee on energy, previously identified China and Turkey as two nations the Kremlin still considered “friendly.” Meanwhile, India and China are among the countries still buying shipments.
The European Union’s heavy reliance on Russian gas has complicated the West’s efforts to squeeze the country’s economy.
Russian President Vladimir Putin is requiring western nations buying oil and gas from the country to pay for the shipments in rubles – a move widely seen as an attempt to prop up the sagging currency. Last month, Putin warned Russia would cut off shipments to countries that did not follow his ruble requirement.
Ukrainian officials have repeatedly called for a complete embargo on Russian energy – arguing that the proceeds were being used to fund the war. So far, the European Union has refused to take that step, with wary officials citing fears of an energy crisis without shipments required to heat homes and maintain electricity.
Oil and gas exports account for approximately 40% of the Kremlin’s annual revenue – and Russia is poised for an even larger windfall this year.
The country will earn nearly $321 billion from its energy exports this year, according to Bloomberg. That figure is an increase of more than a third compared to the previous year.