Putin urges Russian energy companies to prepare for oil embargo / Announces 3.5% increase in oil production over last year

Russian President Vladimir Putin warned Russian companies on Friday to prepare for an oil embargo and a new package of sanctions from the European Union, Russia’s state news agency TASS quoted him as saying. CNN.

“As you know, the European Union has introduced another economic sanctions against Russia with an oil embargo. National companies should prepare for this decision. At the last meeting on the fuel and energy complex, we talked about the prospects of such restrictions,” he said in a meeting with the government, according to Tass.

In May, the EU agreed to ban 90% of its oil imports from Russia.

Putin said the West was trying to force other countries to increase energy production, but “the Russian market is stable and will not tolerate unrest.”

“Since the beginning of the year, the level of oil production has increased by 3.5% compared to the previous year. Gas production for the January-May period has decreased, but very little – only 2%,” the Russian president said.

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