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Russia would supply oil and gas to European buyers, provided such co-operation was “long-term” and did not put political pressure on Moscow, President Vladimir Putin said Monday.
Oil prices have skyrocketed since the United States and Israel began striking Iran on February 28, trading above $100 this week for the first time since Russia launched its Ukraine offensive in 2022.
In a televised meeting, Putin said Moscow would continue to supply oil to “reliable” partners in Asia, as well as EU members Hungary and Slovakia.
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“If European companies and European buyers suddenly decide to reorient themselves and provide us with long-term, sustainable cooperation, devoid of political pressures, free from political pressures, then go ahead. We’ve never refused,” Putin said.
“We’re ready to work with Europeans, but we need some signals from them that they’re ready and willing to work with us and will ensure this sustainability and stability,” he added.
The European Union banned maritime imports of Russian crude in 2022, while Russia’s pipeline exports to Hungary and Slovakia have been effectively halted since January due to damage to the Druzhba oil pipeline via Ukraine.
Putin’s comments came hours after Hungarian Prime Minister Viktor Orban urged the European Union to suspend sanctions on Russian oil and gas to counter prices sent soaring by the war in the Middle East.
Bangladesh has closed universities and launched fuel rationing amid a worsening energy crisis linked to the conflict in the Middle East.
Authorities shut all public and private universities across the country from Monday, bringing forward the Eid al-Fitr holidays as part of emergency measures to conserve electricity and fuel.
Officials said the move will not only reduce electricity consumption but also ease traffic congestion, which leads to fuel wastage.
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They said the university campuses consume large amounts of electricity for residential halls, classrooms, laboratories and air conditioning, and the early closure would help ease pressure on the country’s strained power system.
“The decision has been taken to reduce electricity and fuel consumption considering the current global situation,” Bangladesh’s Ministry of Education said in a directive circulated to university authorities.
Government and private schools are already closed for the Islamic holy month of Ramadan, meaning most educational institutions across the country will now remain shut during the period.
Bangladesh, which relies on imports for 95 percent of its energy needs, on Friday also imposed daily limits on fuel sales after panic buying and stockpiling.
As part of broader austerity measures, the government has also asked all foreign-curriculum schools and private coaching centres to suspend operations during this period to limit electricity use.
Alongside the closures, the government has issued guidelines encouraging institutions and offices to use electricity more efficiently, including maximising natural daylight and minimising unnecessary lighting and power consumption.
The moves came as Bangladesh faces mounting uncertainty over fuel and gas supplies following disruptions to global energy markets caused by the United States-Israel war on Iran.
The war has snowballed into a wider conflict in the Middle East, severely hampering oil and gas exports, and driving up costs.
Severe gas shortages have already forced Bangladesh to halt operations at four of its five state-run fertiliser factories, redirecting available gas to power plants to avoid widespread outages.
The country of 170 million people – the world’s eighth most populous – has also bought LNG from the spot market at sharply higher prices while seeking additional cargoes to bridge supply gaps.
“We are doing everything we can to reduce consumption and ensure stability in power, fuel and import supplies,” a senior official in the Ministry of Power, Energy and Mineral Resources said.
