Russian President Vladimir Putin has said the conflict in Iran has caused a global energy crisis, warning that oil supplies that depend on shipping through the Strait of Hormuz could be completely cut off.
During a government meeting focused on the hydrocarbon market, Putin stressed that the situation in the Middle East is creating great tensions in international energy markets.
Russia, which is the second largest oil exporter in the world and possesses the largest natural gas reserves, is, according to him, ready to restore cooperation with European Union countries.
"We are ready to cooperate with the Europeans, but we need signals that they are also ready and interested in long-term cooperation, without politicization," declared Vladimir Putin., broadcast Panorama.
He also added that Russian companies should take advantage of the current situation in the Middle East, although he acknowledged that the sharp rise in energy prices may only be temporary.
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