Putin says Russia can also export oil, gas

Russia still confident of its energy sector in spite of the sanctions imposed by Western governments in an attempt to halt its war on neighbouring Ukraine and discussions of a possible export ban.

“As far as Russian oil, gas and coal are concerned, we can increase their demand on the domestic market.

“We will stimulate the further processing of raw materials as well as increase the supplies of energy resources to other regions of the world where they are really needed,” Russian President Vladimir Putin said.

According to him, his country will use all available opportunities in order to do so, including expanding internal Russian transport routes.

He said, ‘`I have ordered the construction of the Northern Latitude Route, a 700-kilometre railway line south of the Yamal Peninsula, to begin this year.”

Meanwhile, Alexei Kudrin, head of the Russian Court of Accounts, acknowledged that Western sanctions are having an effect.

“Of course, our economy will have to be rebuilt,” he said, adding that the first phase of restructuring would take about two years if sanctions remained in place,” he said.

He said replacing previously imported goods with domestic products would take longer.