Kathmandu. Russian President Vladimir Putin has said that Russia is ready to cooperate on oil and natural gas supplies if European countries give a clear and positive signal of cooperation.

He also expressed the view that the cooperation would be beneficial for both sides if there is a long-term, stable and political collaboration free from political pressure.

Speaking at an event on Monday, Putin said Russia was open to European companies and energy buyers “if they move towards long-term and sustainable cooperation”. “Russia has never refused to cooperate in energy supply in the past and is willing to continue cooperation on the basis of mutual benefit in the future,” he said.

His remarks come amid escalating tensions in the Middle East and the resulting sharp rise in international crude oil prices. According to analysts, such regional conflicts are likely to increase the volatility of the global energy market, which could have implications for various regional economies.

Putin also said the European Union plans to impose more restrictions on the purchase of energy from Russia starting in April. According to him, the European Union aims to completely eliminate energy imports from Russia by 2027.

In this context, Putin said that the Russian government has given the responsibility to the relevant authorities to study the policy and prospects of energy supply to Europe. He also stressed the need for Russia to strengthen new partnerships by expanding its energy exports to other attractive markets.

“Russia remains a reliable energy supplier and pledges to continue oil and gas cooperation with trusted partners,” he said. He also said that energy cooperation was underway with the countries of the Asia-Pacific region and some countries of Eastern Europe.