Russian cos need to be ready for EU oil embargo, to diversify supplies - Putin

MOSCOW. July 8 (Interfax) - Russian companies should be ready for the EU-imposed embargo on oil from Russia, and the country needs to diversify energy supplies, Russian President Vladimir Putin said at a meeting with cabinet ministers devoted to the situation in the fuel and energy sector.

"As you know, the European Union a few days ago introduced another sanctions package against Russia with an oil embargo. Domestic companies already need to be ready for this decision, and we spoke about the prospects for such restrictions earlier, at the last meeting on the fuel and energy complex. Today I would like to hear what measures are being taken in this respect," Putin said.

"As we respond to current challenges, we need to work rhythmically to implement long-term plans for the sector's development. The key priorities include building up the infrastructure to increase the gasification of Russian regions, as well as to diversify exports to promising markets in the south and east. To the best of my knowledge, the government is currently working on options for developing the railway, sea and pipeline infrastructure for the supply of Russian oil and petroleum products to friendly countries," he said.