The Russian Federation is facing significant losses in its dominance of the global hydrocarbon market due to increasing pressure from leading global players. U.S. President Donald Trump emphasized that India will continue to pay substantial tariffs on exports to the U.S. until it stops purchasing Russian oil. India, which became the main buyer of Russian oil via maritime transport and discounts after the imposition of Western sanctions, is now under serious political pressure.
This is reported by Business • Media
The European Union Moves Away from Russian Energy Sources
EU energy ministers have supported a phased plan to end imports of Russian oil and gas by January 2028. New regulations will be implemented gradually, and the European Commission has already proposed a complete ban on the import of Russian liquefied natural gas (LNG) by the end of 2025. For energy security, Europe is increasing cooperation with the U.S.—the parties have already announced energy agreements worth $750 billion. Currently, about 15% of LNG supplies to Europe come from Russia, and monthly payments for Russian gas range from 500 to 700 million euros.
Ukraine and Other Countries Strengthen Their Positions in the Energy Market
Ukrainian President Volodymyr Zelensky emphasized that the U.S. has guaranteed its readiness to supply Europe with sufficient oil and gas to compensate for the loss of Russian energy sources. Ukraine can play a key role in this due to its infrastructure and potential to enhance Europe’s energy independence. Additionally, American energy companies have expressed interest in entering the Ukrainian market.
“The U.S. is ready to supply Europe with enough oil and gas to replace supplies from Russia. Ukraine has the infrastructure and necessary potential that can significantly aid Europe’s energy independence,” said Ukrainian President Volodymyr Zelensky.
Furthermore, Iraq has signed an agreement with Exxon Mobil to develop the largest oil field, Majnoon, which has reserves estimated at 38 billion barrels. The country plans to increase production from the current 4 million to over 6 million barrels per day by 2029.
Russia’s new gas partner—Iran—has announced the discovery of large gas and oil reserves at the Pazan field, with reserves of 280 billion cubic meters of gas and 200 million barrels of oil. Production is scheduled to begin within the next 40 months, and the economic value of the new gas reserves exceeds $100 billion.
At the same time, last summer, Gazprom signed a memorandum with the National Iranian Gas Company for the supply of Russian pipeline gas.