Novak instructed to take measures to provide the Russian domestic market with fuel

Russia needs to take measures as soon as possible to provide the domestic market with fuel against the backdrop of the global energy crisis. This was announced on March 25 by Deputy Chairman of the Government of the Russian Federation Alexander Novak during a speech at a meeting of the board of the Ministry of Energy.

"We need to work together, the Ministry of Energy and the government as soon as possible to ensure reliable provision of the domestic market...> ensure that the necessary mechanisms and tools are in place to enable this task to be solved accordingly. It's not easy, it's complicated, and it's very urgent," Novak said.

He noted that the ongoing changes have a serious impact on global transformations not only of energy markets, but also of the economy as a whole. According to him, it is important to monitor the development of the situation not only in the energy sector, but also in the petrochemical, fertilizer and food industries.

The Deputy Prime Minister pointed out that protectionist measures are already being applied to close certain export routes by those consumers who process, among other things, Russian products, which greatly distorts the markets.

At the same time, as Novak stressed, the situation is not permanent, but requires close attention.

A drop in the ocean: how the release of strategic oil reserves will change the global market

Additional volumes of raw materials are expected to arrive in the coming days. How long will this be enough?

The Financial Times newspaper reported on March 22 that the world is facing a sharp reduction in LNG supplies, as the last tankers from the Persian Gulf countries are now arriving at their destinations. It was clarified that the situation was related to the suspension of exports from Qatar, which provides about a fifth of the global LNG market, after the blockade of the Strait of Hormuz and strikes on the largest Ras Laffan complex.

Kremlin spokesman Dmitry Peskov said on March 20 that by rejecting Russian gas, the European Union (EU) "continues to shoot its voters in the foot." Peskov noted that if alternative markets, which are now in dire need of petroleum products, are "more attractive," Russia will focus on them first.

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