Russia may have economic or energy problems, but authorities know what to do, Russian President Vladimir Putin said.
– We could have problems across the economy, in the gas sector. However, we see prospects and understand what we have to do. We will also engage in the liquefied gas sector, the Russian president said.
He explained that the LNG market is more flexible compared to the pipeline market and announced that authorities will “continue to deliver” in the liquefied gas sector.
Putin confirmed that the sanctions are working
Putin also admitted that Russia cannot yet meet all its gas and oil equipment needs due to the sanctions, but that the situation is “improving rapidly.”
He said the prices of gasoline and diesel oil in Russia have increased in recent months. In order to normalize the situation, the government in Moscow has taken a number of decisions in this regard. However, in the event of a fuel shortage, the President instructed the government to “act quickly and take precautionary measures.”
– I would once again draw the attention of our leading energy companies to the fact that the priority should be the supply of fuels to domestic customers – he emphasized.
Fuel crisis in Russia. Inflation at highest level since April 2022
To stabilize the internal market, the Russian government introduced temporary restrictions on the export of gasoline and diesel fuel on September 21. The ban is indefinite.
Kremlin spokesman Dmitry Peskov previously said fuel exports from Russia would be banned for as long as necessary. – The government has repeatedly emphasized that there is no deadline. The ban will remain in effect for as long as necessary. Once this need no longer exists, other measures will be considered, he said.
Inflation in Russia accelerated in September to the highest level since April last year. According to Rosstat (the equivalent of the Polish Central Bureau of Statistics – ed.), prices increased by 0.87%. compared to 0.28 percent in August, while on an annual basis the price index rose to 6.0%. (a month earlier this was 5.15%).
Reuters points out that September inflation figures exceeded the expectations of analysts who forecast a 0.7% rise in prices. per month and 5.8 percent on an annual basis.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
