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Putin Admits Western Sanctions Have Disrupted Russian Oil Industry
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President Vladimir Putin acknowledged that Western sanctions have stymied Russia’s energy industry, the country’s economic engine, and that it will need to reorient oil and gas sales from markets in Europe to Asia.
“The most acute [problem] is associated with a disruption of the logistics of export deliveries,” Mr. Putin said Thursday during a government meeting. Mr. Putin said banks from “unfriendly countries,” which includes the European Union, are delaying the transfer of payments.
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