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Putin tells Europe: You still need Russian gas but we’re turning east

Russia supplies around 40% of the EU’s natural gas, and western sanctions over what Moscow calls its “special military operation” in Ukraine have hit its energy exports by complicating the financing and logistics of existing deals. While the EU debates whether to slap sanctions on Russian gas and oil and member states seek supplies from elsewhere, the Kremlin has been forging closer ties with China, the world’s top energy consumer, and other Asian countries. “The so-called partners from unfriendly countries concede themselves that they won’t be able to make do without Russian energy resources, including without natural gas, for example,” Putin told a televised government meeting.

Outside the Box: The energy independence of the U.S. and its allies is an enduring tailwind for oil and gas stocks

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