"Deprived themselves of affordable energy supplies from Russia, European businesses are forced to close or seek a better share in foreign jurisdictions," Russian President Vladimir Putin was quoted by local media as saying at the Russian Energy Week forum.
"We sell our goods and we are ready to buy European goods, but they do not sell. They will blame us again. We sell what they want to buy at market prices, don't we? We are ready to buy from you, but you do not sell. Your deficit is growing and, I repeat, it is not at all our fault".
"I can't help but point out some statistics here. According to the EU, Russia's exports amounted to 89.3 billion euros and imports 162.5 billion euros in 2021. The deficit was 73.2 billion euros. In 2021. And in the first months of this year, your deficit increased 103.2 billion euros".
"The spot gas pricing mechanism will cause losses to Europe in the order of over 300 billion euros, or about two percent of the eurozone's GDP. The professionals sitting here understand what I'm talking about: the difference between the spot market and prices for long-term contracts is three, four times. And who did it? They imposed this way of trading on us," he added.
Russia expects its trade surplus to reach $250-$280 billion for 2022.
Since the Kremlin launched its war in Ukraine on 24 February, the EU has imposed multiple rounds of sanctions on Russia.
Russia is the second largest producer of natural gas globally (it was near 17% of total global natural gas supply in 2020) and exported 37% of its natural gas production, mainly to Europe, meeting about 45% of the region's demand in 2021.
Europe has accused Russia of weaponising energy supplies in retaliation for Western sanctions imposed on Moscow over its invasion of Ukraine.
