Speaking together with Equatorial Guinea President, Obiang Nguema Mbasago, at the Plenary Session of the International Forum “Russian Energy Week,” President Vladimir Putin outlined the role of Russia in the world energy supply under conditions of Western attempts to exclude Russia from Western markets. “By closing access to its platform,” Putin said, “the West has only encouraged the development of alternative solutions, alternative logistics, insurance and international settlement systems, as well as technological innovations. Of course, it is not a simple process, and it involves hard work by those involved, but the process is going on progressively.” He noted the shift of Russian energy supplies from Europe to the Asia Pacific and the increase of supplies to the countries of the Global South, including Africa. “For example, if earlier the share of the Asia-Pacific region in our energy sector exports was about 39%, then at the end of last year it has grown by one and a half times and has already exceeded 60%,” he said.
Putin pointed to the expansion of transportation routes for oil and gas from Siberia and through the Northern Sea Route, and the concerted effort to improve the infrastructural layout of the Russian Far East to increase the exploitation of resources there. He also underlined the creation of alternative means of financial arrangements through BRICS and other organizations in order to shift to payment in local currencies and thereby avoid the restrictions being placed on trade by the U.S. through its control of the dollar.
