Global Market Needs Time, Investment to Offset Russian Oil, Says Putin

President Vladimir Putin stated that while it is possible to substitute part of Russian oil and oil products in the global market, full replacement is impossible.

He emphasized that achieving even partial substitution will require significant time and substantial investments, The Caspian Post reports, citing Russian media.

"Certainly, it is possible with some part, certainly, not for everything - it is impossible, but to substitute a certain part of Russian oil and oil products in the global market. However, firstly, this needs time," the head of state said, adding that large investments are also required to do it.

Suggestions on investments in the hydrocarbon energy sector were for the first time made by the International Energy Agency, Putin said. "It has been the opposite up to now. It was said, including within the framework of the International Energy Agency, that investments should be in alternative energy sources," the head of state noted.

"It has become clear that we cannot do without hydrocarbons during the coming, in any case, years and decades," Putin added.