Sweeping Western sanctions have caused Russia's oil and gas revenue to plummet in the years since the Ukraine invasion.
22:25, Mon, Mar 9, 2026 Updated: 22:28, Mon, Mar 9, 2026
Russia has been under heavy Western sanctions since the Ukraine invasion (Image: Getty)
Vladimir Putin has offered to supply oil and gas to European countries as the war in Iran causes prices to rocket, despite heavy sanctions imposed after the Ukraine invasion. The Russian leader has appeared to seize on global economic concerns about the blocked Strait of Hormuz, a major shipping route that carries a fifth of the world's oil, as a means of turning his ailing economy around. Russia's oil and gas revenues plummeted to a five-year low in 2025, with interest also spiking to its highest level since the 2000s.
The US-Israeli war on Iran, which has all but stopped tankers from using the vital shipping lane, has enabled Moscow to step up its energy supply with existing partners and float the possibility of renewed ties with Europe, however. Speaking at an event on energy issues on Monday, Putin said: "Russia will continue to supply oil and gas to those countries that themselves are reliable counterparties. If European companies and European buyers suddenly decide to reorient themselves and provide us with long-term, sustainable cooperation, free from political considerations, then please do so."
Global energy prices are rocketing amid shipping disruption in the Gulf (Image: Getty)
He added: "We have never refused, and we are ready to work with Europeans as well. [Russia] needs some signals from them."
The European Union has levied 19 rounds of sanctions on Moscow since the Ukraine invasion in February 2022, across sectors including consumer goods, aviation and energy.
While the prospect of renewed relations between Russia and the West linked to the Middle Eastern conflict may seem remote, US President Donald Trump's administration has reportedly considered easing oil sanctions on Putin to help cool the surge in global energy prices.
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Sources told Reuters that the move could involve broad sanctions relief alongside more targeted options, including allowing countries such as India to buy Russian oil without fear of US penalties.
It comes after the US allowed India to temporarily buy Russian crude oil from tankers already at sea last week amid shortages of the Middle Eastern supply.
A White House spokesperson said the president had "a strong game plan to keep energy markets stable" before the war broke out and said the administration would "continue to review all credible options".
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English (US) · 