Vladmir Putin, President of Russia, said Russia’s energy system has maintained its stability in spite of sanctions imposed on the country and the move away from Russian energy by European states.

"The next stage will be to expand energy supplies to Asian nations and attain complete sovereignty in the sector," he said in a speech at the Russian Energy Week (REW) as part of a panel shared with Muhammed Shia Al-Sudani, Prime Minister of Iraq.

Putin said the EU countries were now paying more for oil, refined products and natural gas, hitting their economic growth and industrial production.

To ensure stability in the oil market, Putin said major suppliers must act in concert on open and transparent terms.

"This is how Russia is working with its partners within Opec+. We primarily rely on the objective market-driven dynamics of oil supply and demand, and the industry’s investment programmes. This is why the Opec+ countries fully act on their commitments and are effectively addressing all challenges," he said.

Putin further said his country will strive to achieve sufficiency in domestic technology, equipment, machinery and software especially equipment for the oil and gas sector and power transmission.