Russia: Energy

Domestic

Russian officials addressed energy security and market strategy. A deputy prime minister commented on rising oil prices, stating Russia possesses sufficient reserves for 60 years and warning that a potential closure of the Strait of Hormuz could restrict global supplies. Separately, President Putin and other officials labeled an attack on a Russian gas tanker in the Mediterranean a terrorist act. Putin also stated that Russia is preparing to leave the European gas market and redirect its supplies to Asia-Pacific markets.

International

The most significant development was a U.S. decision to grant a 30-day sanctions waiver, allowing countries like India to purchase Russian oil already loaded on tankers. U.S. officials stated the move aimed to maintain global oil flow and indicated a potential broader shift in sanctions enforcement. This policy drew criticism from Ukrainian President Volodymyr Zelenskyy, who argued it could provide Russia with significant revenue, and from European allies including Germany's Friedrich Merz.

Concurrently, President Putin stated Russia is ready to immediately halt natural gas supplies to the European Union, suggesting redirecting it to other countries. This prompted Hungary to call an emergency energy meeting. In a separate incident, a Russian-flagged LNG tanker sank off Libya after explosions and fire, with Russia blaming Ukraine for what it called an attack.