Despite the West announcing sanctions and trying to divert their oil imports from Moscow, Vladimir Putin asserted that they won’t be able to completely cut off from the Russian oil and gas for several years.

The Russian president made these remarks on Thursday after attending an exhibition in Moscow dedicated to the 350th anniversary of the birth of Russian monarch Peter the Great.

He added that nobody knows what could occur at that time, so Russian business would certainly not be “concreting over their oil wells”, reports BBC.

His comments come days after a US official admitted that Russian profits on energy may be higher now than they were before the war.

The United States and the European Union had agreed to ban imports of Russian oil and imposed escalating sanctions to punish the country for its invasion of Ukraine.

While those moves put a dent in global trade in Russian fossil fuels, they also helped to trigger a surge in global prices of oil and gas.

The EU currently imports around 40 per cent of its gas from Russia.

The bloc has pledged to&nbsp;reduce its dependency on Russian oil by 90 per cent by the end of 2022, but so far has not made any commitments on gas.

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-compares-ukraine-invasion-to-peter-the-greats-conquests-486729">Putin compares Ukraine invasion to Peter the Great's conquests</a>

Noting that supply snarls led to a rise in global oil and gas prices, Putin said the Russian companies’ profits could have risen in recent months.

Also read |&nbsp;<a href="https://www.wionews.com/world/kyiv-in-no-danger-but-we-are-preparing-ukraine-minister-486747" hreflang="en">Kyiv in 'no danger', but we are preparing: Ukraine minister</a>

"The volume of oil is decreasing on the world market, prices are rising," President Putin told a group of young entrepreneurs.

"Company profits are rising," he added.

(With inputs from agencies)

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Despite the West announcing sanctions and trying to divert their oil imports from Moscow, Vladimir Putin asserted that they won’t be able to completely cut off from the Russian oil and gas for several years.

Despite the West announcing sanctions and trying to divert their oil imports from Moscow, Vladimir Putin asserted that they won’t be able to completely cut off from the Russian oil and gas for several years. The Russian president made these remarks on Thursday after attending an exhibition in Moscow dedicated to the 350th anniversary of the birth of Russian monarch Peter the Great. He added that nobody knows what could occur at that time, so Russian business would certainly not be “concreting over their oil wells”, reports BBC. His comments come days after a US official admitted that Russian profits on energy may be higher now than they were before the war. The United States and the European Union had agreed to ban imports of Russian oil and imposed escalating sanctions to punish the country for its invasion of Ukraine. While those moves put a dent in global trade in Russian fossil fuels, they also helped to trigger a surge in global prices of oil and gas. The EU currently imports around 40 per cent of its gas from Russia. The bloc has pledged to reduce its dependency on Russian oil by 90 per cent by the end of 2022, but so far has not made any commitments on gas. Also read | Putin compares Ukraine invasion to Peter the Great's conquests Noting that supply snarls led to a rise in global oil and gas prices, Putin said the Russian companies’ profits could have risen in recent months. Also read | Kyiv in 'no danger', but we are preparing: Ukraine minister "The volume of oil is decreasing on the world market, prices are rising," President Putin told a group of young entrepreneurs. "Company profits are rising," he added. (With inputs from agencies) WATCH WION LIVE HERE

West won’t be able to cut off from Russian oil and gas for years: Vladimir Putin

In a move aimed at reducing dependence on Russian gas, reports claim Berlin will keep its swimming pools at least two degrees cooler this summer.

Berlin's pool operators reportedly said the move is a "political statement" and not a cost-cutting move. Ukrainians have been allowed free access to pools in the German capital, reports claim.

<a href="https://www.wionews.com/world/russias-response-to-outside-intervention-will-be-lightning-fast-putin-on-ukraine-war-474481">Also Read:&nbsp;Russia's response to outside intervention will be lightning-fast, says&nbsp;Putin</a>

The development comes as Russia's energy giant Gazprom switched off gas supply to Poland and Bulgaria due to their refusal to payin roubles as the EU declared it was "blackmail".

President of the European Commission Ursula von der Leyen said that Russia's decision to stop gas supply to the two European countries amounted to "provocation" from the Kremlin as she promised an "immediate, united and coordinated" response.

Watch:&nbsp;Ex-US marine and Russian pilot freed in prisoner swap

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The European Commission chief in a defiant mood said, "the era of Russian fossil fuels in Europe will come to an end."

President Putin has insisted Russia will accept payment for gas supplies in roubles only even as the EU and the West imposed large scale sanctions against the country. Gazprom declared that it hadn't received payment in roubles from Poland and Bulgaria while closing the gas supply tap.

Von der Leyen asserted that it would be a "breach of the sanctions" since the contracts with Russia stated payments would be made in Euros or dollars.

President Zelensky waded into the debate saying Russia was "trying to provoke a global price crisis".&nbsp;

(With inputs from Agencies) 
&nbsp;

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a move aimed at reducing dependence on Russian gas, reports claim Berlin will keep its swimming pools at least two degrees cooler this summer. Berlin's pool operators reportedly said the move is a "political statement" and not a cost-cutting move.

In a move aimed at reducing dependence on Russian gas, reports claim Berlin will keep its swimming pools at least two degrees cooler this summer. Berlin's pool operators reportedly said the move is a "political statement" and not a cost-cutting move. Ukrainians have been allowed free access to pools in the German capital, reports claim. Also Read: Russia's response to outside intervention will be lightning-fast, says Putin The development comes as Russia's energy giant Gazprom switched off gas supply to Poland and Bulgaria due to their refusal to payin roubles as the EU declared it was "blackmail". President of the European Commission Ursula von der Leyen said that Russia's decision to stop gas supply to the two European countries amounted to "provocation" from the Kremlin as she promised an "immediate, united and coordinated" response. Watch: Ex-US marine and Russian pilot freed in prisoner swap The European Commission chief in a defiant mood said, "the era of Russian fossil fuels in Europe will come to an end." President Putin has insisted Russia will accept payment for gas supplies in roubles only even as the EU and the West imposed large scale sanctions against the country. Gazprom declared that it hadn't received payment in roubles from Poland and Bulgaria while closing the gas supply tap. Von der Leyen asserted that it would be a "breach of the sanctions" since the contracts with Russia stated payments would be made in Euros or dollars. President Zelensky waded into the debate saying Russia was "trying to provoke a global price crisis". (With inputs from Agencies) Watch WION LIVE Here

Russian gas row: Now, Berlin to reduce temperature in pools

Bundesbank on Friday (April 22) warned that the European Union's ban on Russian gas imports will cost Germany almost $1.95 billion.

Germany's most powerful bank said that the Russian gas embargo will plummet the country's Gross Domestic Product (GDP) by 5 per cent.

This will lead to a rise in energy prices, increase inflation and trigger one of the deepest recessions in decades.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-this-russian-missile-can-destroy-any-target-on-earth-472821/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Bundesbank said that it is not possible for industrial consumers to replace Russian gas with an alternative for three-quarters of the year.

Christian Lindner, Germany's finance minister, has said that the country is moving ''as fast as possible.''

''We are willing to stop all energy imports from Russia, it's just a matter of time,'' he said.

''In the end, we don't want to have any further business with Putin,'' he told BBC.

''We have to be patient,'' he added after Ukrainian President Volodymyr Zelensky criticised Germany's energy payments to Russia by calling them ''blood money.''

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-ukraine-war-satellite-images-show-200-new-graves-in-ukraines-mariupol-472830" hreflang="en">Russia-Ukraine war: 200 new graves found in Mariupol, claims mayor as satellite pictures emerge</a>

Germany's Social Democratic Party slammed Chancellor Olaf Scholz for being too lenient with Russia.

It accused him of dragging his feet on deliveries of heavy weapons to Ukraine and asked to take tougher action against Russian President Vladimir Putin.

In response, Scholz said in an interview with German weekly Spiegel, "distorted and slanderous depiction" annoys him adding that the potential to send arms to Ukraine from the stocks of the Bundeswehr had been "largely exhausted."

According to him, the centre-left Social Democrats were "bound into the Western and transatlantic alliance".

"What is still available will absolutely still be delivered." He was referring to artillery munitions and anti-tank weapons.

Meanwhile,&nbsp;Foreign Minister Annalena Baerbock said, "There are no taboos for us with regard to armoured vehicles and other weaponry that Ukraine needs."

(With inputs from agencies)

Bundesbank on Friday (April 22) warned that the European Union's ban on Russian gas imports will cost Germany almost $1.95 billion. Germany's most powerful bank said that the Russian gas embargo will plummet the country's Gross Domestic Product (GDP) by 5 per cent.

Bundesbank on Friday (April 22) warned that the European Union's ban on Russian gas imports will cost Germany almost $1.95 billion. Germany's most powerful bank said that the Russian gas embargo will plummet the country's Gross Domestic Product (GDP) by 5 per cent. This will lead to a rise in energy prices, increase inflation and trigger one of the deepest recessions in decades. Bundesbank said that it is not possible for industrial consumers to replace Russian gas with an alternative for three-quarters of the year. Christian Lindner, Germany's finance minister, has said that the country is moving ''as fast as possible.'' ''We are willing to stop all energy imports from Russia, it's just a matter of time,'' he said. ''In the end, we don't want to have any further business with Putin,'' he told BBC. ''We have to be patient,'' he added after Ukrainian President Volodymyr Zelensky criticised Germany's energy payments to Russia by calling them ''blood money.'' Also read | Russia-Ukraine war: 200 new graves found in Mariupol, claims mayor as satellite pictures emerge Germany's Social Democratic Party slammed Chancellor Olaf Scholz for being too lenient with Russia. It accused him of dragging his feet on deliveries of heavy weapons to Ukraine and asked to take tougher action against Russian President Vladimir Putin. In response, Scholz said in an interview with German weekly Spiegel, "distorted and slanderous depiction" annoys him adding that the potential to send arms to Ukraine from the stocks of the Bundeswehr had been "largely exhausted." According to him, the centre-left Social Democrats were "bound into the Western and transatlantic alliance". "What is still available will absolutely still be delivered." He was referring to artillery munitions and anti-tank weapons. Meanwhile, Foreign Minister Annalena Baerbock said, "There are no taboos for us with regard to armoured vehicles and other weaponry that Ukraine needs." (With inputs from agencies)

Russian gas embargo will cost Germany almost $190 billion, says Bundesbank

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West won’t be able to cut off from Russian oil and gas for years: Vladimir Putin

Russian gas row: Now, Berlin to reduce temperature in pools

Russian gas embargo will cost Germany almost $190 billion, says Bundesbank