Vladimir Putin criticizes European energy policy amid fluctuating gas and oil trends

Russian President Vladimir Putin has criticized European energy policy as natural gas prices reached $1,000 per 1,000 cubic meters. Putin argued that gas should not be treated as a classic market commodity, warning that exchange-based pricing could drive costs even higher, potentially reaching $1,500.

Contrasting these claims of energy market volatility, a report from the Centre for Research on Energy and Clean Air (CREA) indicates that Russia’s own energy sector faced declines in August. According to the think tank, Russia’s fossil fuel exports fell by 7% and revenues dropped by 8% month-on-month. The report suggests that losses in refining capacity due to Ukrainian strikes have not been offset by diversified exports, noting that Russia has had to rely on imports of fuels from India and South Korea.