Russia has 'enough buyers' for its energy resources outside of Western nations: Lavrov

Russian Foreign Minister Sergey Lavrov said on May 11 that Russia has adequate purchasers for its energy supplies aside from West, adding that the western nations will now have to pay more for delivery and justify to their citizens why they must compromise their well-being.

Lavrov, after meeting with Omani Foreign Minister Sayyid Badr Albusaidi at a joint press briefing, said, "We have enough buyers of our energy resources and we will work with them. Let the West pay a lot more than it paid Russia and let it explain to its population why they have to become poorer."

Lavrov, the Russian Foreign Minister, arrived in Oman on May 11 to discuss bilateral relations, collaboration, and the situation in Ukraine. He also met with Sultan Haitham bin Tarik and Deputy Prime Minister Fahd bin Mahmoud Al-Said of Oman, in addition to Albusaidi. According to Lavrov, Russia will no longer rely on Western nations because of their "non-negotiability," According to him, Moscow now has a clear idea of "how to live on." 

Russian Finance Ministry forecasts 17% decline in production of energy resources

The Russian Ministry of Finance forecasts a 17% decline in production of energy resources for the year, citing European buyers who went on a "strike" before sanctions were imposed. The remaining buyers are demanding steep discounts on Russian oil, which traders consider to be the most "toxic." It was selling for $70.5 (5,458 INR) a barrel on average in April, while Brent Crude was $106 (8,206 INR).

The budget, which has fallen short of oil and gas income for the second month in a succession, has already seen record discounts. Their volume was 133 billion rubles (154 billion rupees) lower in April than expected, and 302 billion rubles (350 billion rupees) in March.

After the separatist republics of Donetsk and Luhansk requested assistance in defending themselves against Ukrainian forces, Russia initiated a military incursion in Ukraine on February 24. The West retaliated by putting broad sanctions on Moscow, resulting in high inflation and soaring consumer prices around the world.

Image: AP