Russian President Vladimir Putin Says the War with Iran Has Triggered a Global Energy Crisis
Monday, 9 March 2026
Key points
- War with Iran is causing a worldwide energy emergency.
- Oil shipments through the Strait of Hormuz could soon come to a complete halt.
- Russia, the world’s second‑largest oil exporter and holder of the biggest natural‑gas reserves, is ready to resume sales to European buyers.
- Moscow will cooperate again if Europe seeks a long‑term, depoliticised partnership.
- Putin stresses that Russia has never refused dialogue but now expects clear, political‑free signals from European partners.
- Russian firms are urged to capitalize on the current Middle‑East situation, although any price surge may be temporary.
- Oil prices breached $100 per barrel on Monday – the highest level since 2022 – after the effective closure of the Strait of Hormuz due to the Iran conflict. The strait handles roughly one‑fifth of global oil and LNG flows, making it one of the world’s most strategic maritime chokepoints.
Full translation
Moscow’s stance:
“The war with Iran has triggered a global energy crisis,” President Vladimir Putin declared on Monday. “If oil production that relies on transport through the Strait of Hormuz stops completely, the impact will be catastrophic.”Russia, the second‑largest oil exporter worldwide and the holder of the largest natural‑gas reserves, says it is prepared to restart its activities with European buyers. In a televised meeting with government officials and leaders of major oil and gas companies, Putin affirmed that Moscow is willing to collaborate again provided Europe wants a long‑term, depoliticised cooperation.
The Russian president added that if European companies and buyers change their stance and commit to a durable, stable partnership free from political pressure, Russia will not oppose it. He emphasized that Russia has never turned its back on dialogue, but now expects clear signals from Europe confirming a genuine willingness to work together and guaranteeing the partnership’s stability.
Putin also noted that Russian companies should take advantage of the current situation in the Middle East, while cautioning that the price surge could be only temporary.
Oil prices crossed the $100‑per‑barrel threshold on Monday, reaching their highest level since 2022. This spike is a direct consequence of the effective closure of the Strait of Hormuz amid the Iran conflict. The strait is one of the world’s most strategic maritime passages, carrying about 20 % of global oil and liquefied natural gas (LNG) shipments.
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Keywords: Vladimir Putin, Russia, Iran war, global energy crisis, Strait of Hormuz, oil prices, European energy market, depoliticised cooperation, natural gas reserves, oil export
