Putin: Energy Crisis is Here, Offers Cooperation with EU

Russian President Vladimir Putin stated that Moscow is ready to cooperate again with European customers on energy matters, provided there is a long-term and non-politicized partnership.

Putin emphasized that Russia is the world's second-largest oil exporter and possesses the largest natural gas reserves. He also mentioned that Russian companies should take advantage of the current situation in the Middle East, although he acknowledged that the sharp increase in prices may be temporary.

"We are ready to work with the Europeans, but we need them to give us signs that they are ready and willing," Putin said at a government meeting.

Putin also warned that oil production dependent on transportation through the Strait of Hormuz could soon stop completely.