Kremlin on US effort to wean India and China off Russian energy: we offer a top commodity at a good price

MOSCOW: The Kremlin said on Tuesday that Russia offered top quality energy at a good price and so its partners would decide for themselves whether or not to buy Russian energy after the United States slapped sanctions on Russia's top oil companies.

AI Brief

US sanctions forced Lukoil to sell foreign assets, aiming to pressure Russia into a Ukraine ceasefire.
China and India are cutting Russian oil imports, while Russia insists its energy remains competitive and strategic.
Putin rejects foreign pressure, saying sanctions won't harm Russia's economy or energy sector significantly.

The restrictions against Russia's oil majors forced country's second-largest oil producer Lukoil LKOH.MM to declare the sale of its foreign assets.

With the sanctions, U.S. President Donald Trumpis seeking to pressure Moscow into agreeing a ceasefire in Ukraineafter peace talks hit a deadlock.

U.S. sanctions over Ukraine have already prompted Chinese state oil majors to temporarily suspend purchases of Russian crude, while Indian refiners — the largest buyers of seaborne Russian oil — are expected to sharply reduce their imports, according to industry sources.

"Any country has an interest in purchasing strategic commodities such as energy resources, in higher quality and in larger quantities, at a lower price. In this regard, Russian energy resources are highly competitive on international markets," Peskov told reporters.

"We are offering our own commodity. The commodity has a strategic meaning for many countries. It is competitive and attractive," Peskov said when he was asked about India and China, the largest buyers of the Russian oil.

Russian President Vladimir Putin said on Thursday that Moscow would never bow to pressure from the United States or any other foreign power.

Putin said that U.S. and Western sanctions were an "unfriendly" act and "will have certain consequences, but they will not significantly affect our economic well-being". Russia's energy sector feels confident, he said.