Western countries are trying to cut the amount of Russian oil and gas they import following the invasion of Ukraine in February.
Ahead of Russian President Vladimir Putin’s visit to Iran on Tuesday, his second foreign trip since he invaded Ukraine in February, Russian Gazprom and the National Iranian Oil Company have inked a $40-billion agreement for the development of oil and gas fields.
Norway, western Europe’s largest oil and gas producer, should share the huge profits it has made from oil and gas exports since the Russian invasion of Ukraine, Poland’s prime minister Mateusz Morawiecki said this weekend.
Russia’s gas giant Gazprom confirmed it had completely halted exports to Finland at 04:00 GMT on Saturday.
The world’s biggest oil and gas companies, including Shell, Exxon and Gazprom, are projected to spend €857 billion on new oil and gas fields by 2030.
The Russian oil and gas giants listed on the London Stock Exchange have seen their shares crashing after Putin invaded Ukraine last week.
Shell is getting out of Russia and ditching its joint ventures with Gazprom, including its involvement with the moribund Nord Stream 2 natural gas pipeline