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Russian President Vladimir Putin has claimed that the world is now in an energy crisis, while he called for the restoration of cooperation with European customers, a non-politicized cooperation.
The Russian president said that oil supplies, transported mainly through the Strait of Hormuz, a critical route that processes approximately 20% of global oil shipments, could soon stop completely.
He said Russia was prepared to supply European buyers with oil again, as long as the cooperation was "long-term" and not politicized.
Putin also called on Russian companies to benefit from the conflict in the Middle East, while noting that the price increase could be temporary.
The EU and the UK banned the import of Russian crude oil by sea in December 2022, in an attempt to damage its economy following the invasion of Ukraine.
According to the International Energy Agency, Russian fossil fuel imports from the EU fell by almost 90% between 2021 and 2024.
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