Vladimir Putin: Russia to consider its interests in energy policy

In its energy policy Russia will take into account both its own and its partners' interests, assured President Vladimir Putin when answering a RIA Novosti correspondent's question at a Kremlin press conference on Monday.

"It is economically profitable for Russia itself" to take into consideration the interests of the consumers of Russian energy resources, he said. When oil and gas prices become too high, the tempos of economic growth in the West slow down, the president explained. This has negative consequences for the Russian economy, as the prices for imported products and services grow, while oil prices suffer a slump because of a falling demand. "This has a boomerang effect on our economy," Putin said.

Russia's policy in the sphere should be based on "acceptable and economically grounded prices and administrative procedures," he believes. This could be achieved through broad cooperation with Russia's "colleagues in the world and in Europe, in particular," he added.

That is why Russia proposes to implement the united energy policy both in theory and in practice of its partnership with Europe, the president said.

A part of this policy is the agreement between Russia, Ukraine and Germany on joint exploitation of the Ukrainian gas network, he pointed out. Almost 90 per cent of Russian natural gas is exported via Ukraine, and the participation of Germany, the main European gas consumer, would unite the efforts and help fulfil the plans, Putin said.

"It is this interdependence that creates stable conditions on the market," the president concluded.