Putin praises cooperation with OPEC+ and BRICS

Vladimir Putin, the Russian president, said that on Thursday his vast energy sector would be able achieve its goals as well as overcome "illegal", western sanctions. He also praised ties with BRICS groups and OPEC+.

The Russian oil and natural gas industry accounts for about a third (or more) of the total budget revenue. It has been vital to the economy in a country that is facing multiple sanctions by the West due to the conflict with Ukraine.

Putin, speaking at the Russian Energy Week forum, praised the cooperation with BRICS, which Moscow views as a counterbalance against the West. He also added that Russia would continue to cooperate with OPEC+ producers of oil.

"Russia fulfills its obligations in supplying energy resources to global markets. "Russia plays a stabilizing role by participating in authoritative formats such as OPEC+, and the forum for gas exporting nations," Putin said.

"We will continue to work with our partners."

Putin acknowledged that there were difficulties in paying for Russian energy exports. 90% of the payments are made by "friendly" countries who have not imposed sanctions on Russia.

He suggested that the government renew its energy strategy within the next few months in order to meet the challenges. (Reporting and editing by Alex Richardson/Guy Faulconbridge; Oksana Kobieva, Vladimir Soldatkin)

(source: Reuters)