- Russian President Vladimir Putin vowed not to shutter oil wells despite mounting sanctions.
- Putin's comments come as the US and EU try to push global powers away from Russian energy.
- Russia's oil production has been rebounding in recent months after falling 9% in April.
Russian President Vladimir Putin vowed not to shutter the country's oil wells despite Western sanctions aimed at decimating its production.
He suggested that the West would also have a difficult time weaning off of Russian energy, even as the European Union prepares to phase in a partial embargo of Russian oil.
"As far as refusal from our energy resources is concerned, this is unlikely for the next few years, while it's not clear, what will happen during those few years. That's why, no one will pour cement into the wells," Putin said in a televised appearance, according to Reuters.
Putin's comments come as Russia's oil production declined 9% in April but has since found renewed life as the Kremlin seeks alternative buyers like India and China. Meanwhile, the spike in oil and gas prices is keeping Russia's energy revenue strong.
Analysts have said that the concentration of Russia's oil fields in areas like Siberia means shutting them down could risk reducing their productive capacity as cold weather can cause permanent damage during idle periods.
But due to Russia's limited storage capacity, keeping oil wells open will mean Moscow must keep finding buyers for its continued production, or else unsold supplies will have nowhere to go.