Russia to honor energy contracts says Russian PM

Thursday, May 15, 2014

Russian Prime Minister says that as a responsible energy supplier Russia will honor its energy contracts, so long as it receives payment

Russian Prime Minister says that as a responsible energy supplier Russia will honor its energy contracts, so long as it receives payment

MOSCOW – “Russia will continue to honor energy contracts,” Russian Prime Minister Dmitry Medvedev said Thursday.

Underlining that Russia controls 20 percent of the global energy trade, Medvedev said, during his speech at the 14th International Energy Forum ministerial meeting in Moscow, that Russia still remains a reliable supplier of energy to the world.

However, he added that, in order to receive energy supplies, the buyer must pay the money for it.

“I hope that all countries here, including Ukraine, are aware of this fact,” he said.

Medvedev emphasized the importance of the need to establish a system to prevent problems in the energy sector.

“The system should not limit the activities of individuals or corporations and it should protect the benefits of the energy producer, consumer and transit countries,” Medvedev noted.

Russia earns US$400 billion annually from its energy exports and one fifth of its income comes from exporting energy to Europe.

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