MOSCOW, October 16. /TASS/. The European Union's refusal to rely on Russian energy resources has led to a decline in European industry, growing prices, and a decrease in the competitiveness of European goods, Russian President Vladimir Putin said.
"Many European countries have refused to purchase Russian energy products under political pressure. I've already noted the consequences of such a refusal for Western countries themselves and their economic production potential. We are seeing the consequences of those actions in the European Union itself, including a decline in industrial turnover, growing prices due to more expensive overseas oil and gas, and a decrease in the competitiveness of European goods and the economy as a whole," he said at a plenary session of the Russian Energy Week forum.
According to Eurostat, industrial production in the eurozone this July was 1.2% lower than the 2021 average, Putin noted. "The decline in industrial production in Europe also continues. In Germany, the decline in July of this year reached 6.6% compared to the 2021 average," he said.
Currently, the global energy market is experiencing a significant transformation of supply chains, with logistics shifting toward countries of the Global South, Putin said, adding that energy resources are being redirected to dynamically developing countries in the Asia-Pacific region, Africa, and Latin America.
The 8th Russian Energy Week (REW) international forum is taking place in Moscow from October 15 to 17 at two venues: the main discussions are hosted at the Manezh exhibition hall, while an exhibition of fuel and energy technologies and equipment is held at Gostiny Dvor. The theme of this year's forum is The New Reality of Global Energy: Building the Future. TASS serves as the information partner of REW.