Speaking at Russian Energy Week, Russian President Vladimir Putin affirmed that the destruction of the Nord Stream pipeline, along with the European Union's (EU) abandonment of Russian gas, has become a "catalyst" to help Moscow reshape its energy strategy, towards the markets of Asia, the Middle East and Latin America.
In the short term, the abandonment of Russian gas by some European countries and the collapse of Nord Stream seem to have blocked our access to traditional markets, dealing a heavy blow to an important sector of the energy sector, Putin said at the plenary session of Russia Energy Week.
It must be admitted that Russian gas exports initially decreased, but then increased again. Although it has not fully recovered, the trend is clearly on the rise, President Putin pointed out.
The Russian leader stressed that the EU's decision only accelerates an inevitable shift in energy flows, towards "more promising and responsible partners" - countries that clearly understand their interests and act on those national interests.
According to Mr. Putin, the global gas market is undergoing a strong restructuring. Gas consumption is increasing steadily in the Asia-Pacific, Middle East and Latin American regions, while in Europe, demand is still lower than in 2019. Why is the demand for this basic energy source decreasing? Because industrial production is going down, not needing as much gas as before, that is the reason - he explained.
Experts say Russia is taking advantage of the opportunity to strengthen its position as a gas exporter to Asia, especially China and India, while expanding its energy infrastructure to Eastern Siberia. Meanwhile, Europe, which used to be a nerve customer of Russian gas, is now facing high energy costs and a decline in industrial production due to a lack of stable supply.
Analysts see Mr. Putin's speech as an affirmation of a new energy era of Russia - where "Nord Stream is only the past", and focus on shifting to faster-growing markets less subject to political constraints.
