Russia gets window of opportunity for redistribution of energy commodities for fair energy supply - Miller

MOSCOW. June 16 (Interfax) - Russia is getting a window of opportunity to redistribute energy commodities for the purpose of fair energy supply, Gazprom CEO Alexei Miller said at the St. Petersburg International Economic Forum (SPIEF-2022) during a session titled "The World Oil and Gas Market Today and Tomorrow."

"We are witnessing the development of two systems - the resource system and the central bank system (reserve system). Central banks regulate the nominal value of money, interest rates, exchange rates. Through these nominal instruments, they manage and control demand, but they do not control the supply of commodities," he said. "The emphasis in exchange relationships has shifted to the commodity side, and 'our commodity means our rules,'" Miller said.

"The global financial system has lost control over the flow of goods, and has itself become a generator of the most powerful inflationary impulse," the Gazprom chief said.

"The game is over, because the demand for raw materials is replacing the demand for foreign exchange reserves," he said. "This gives us a window of opportunity in terms of energy production and distribution in terms of the most efficient energy supply," Miller said.

"The contours of the new economic structure will be determined by Russia," the head of the company said.

He added that Russia will further accelerate its eastern gas program in the very near future.