Russia can simply redirect exports of its huge power assets away from the West to nations that actually want them whereas rising home consumption of oil, fuel and coal, President Vladimir Putin mentioned on Wednesday.
America, Canada, Britain and Australia have imposed bans on Russian oil imports in response to what Moscow calls a particular navy operation in Ukraine, whereas the European Union stays divided on the problem.
"In terms of Russian oil, fuel and coal, we will improve their consumption on the home market, stimulate the deep processing of uncooked supplies," Putin mentioned at a televised assembly with officers to debate the event of the Russian Arctic.
"We may even improve the provision of power assets to different areas of the world the place they're actually wanted."
Putin mentioned the West was responsible for the power crunch it was experiencing as a result of it might not cooperate with Russia.
"The refusal of a number of Western nations to cooperate (with Russia) usually, together with almost about Russian power assets... has already hit thousands and thousands of Europeans, provoked an actual power disaster," he mentioned.
"In fact we're additionally going through issues however this opens up new alternatives."
Putin additionally mentioned that "unfriendly nations" had destroyed provide chains in Russia's Arctic areas and a few nations weren't fulfilling their contractual obligations, creating points for Moscow.
Moscow is able to promote oil and oil merchandise to "pleasant nations in any worth vary", Vitality Minister Nikolai Shulginov instructed Izvestia newspaper on Wednesday, as conventional consumers are shunning Russian provides, forcing Moscow to chop oil output.
Russia says its intention is to demilitarize and "denazify" its southern neighbour in an operation that has been met with stiff resistance from Ukrainian forces and triggered sweeping Western sanctions.