Moscow, 10 March (H.S.):
Russian President Vladimir Putin has extended a pragmatic overture to Europe, pledging to resume oil and gas supplies should buyers commit to long-term, apolitical partnerships free from sanctions' shadow.
This announcement arrives against a backdrop of unprecedented energy turmoil, triggered by United States and Israeli strikes on Iran commencing February 28, which have propelled global oil prices beyond $100 per barrel for the first time since Russia's 2022 Ukraine incursion.
In a televised address, Putin underscored Moscow's readiness to engage, stating, We've never refused, while prioritizing reliable Asian partners alongside EU holdouts Hungary and Slovakia.
He conditioned cooperation on signals ensuring stability, amid Europe's 2022 maritime import bans and halted Druzhba pipeline flows via Ukraine.The Kremlin's stance echoes Hungarian Prime Minister Viktor Orban's recent plea to lift Russian energy sanctions, as Middle East hostilities exacerbate supply strains.
Pakistan, meanwhile, grapples with acute fallout: fuel reserves teeter at 25-28 days, prompting work-from-home mandates, salary cuts, and panic at pumps, with Brent crude spiking to $81-plus and shipping costs ballooning.
Higher import bills threaten inflation and blackouts during Ramadan, underscoring the war's ripple effects on import-dependent economies.Putin's gambit positions Russia as a potential stabilizer in a fractured market, where disrupted Strait of Hormuz shipping and shuttered Gulf facilities mirror 2022's shocks. Yet, geopolitical frictions—exemplified by White House rebukes to Israel over Iranian oil strikes—signal no swift resolution.
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Hindusthan Samachar / Jun Sarkar
