Tánaiste Simon Harris has said it would be “utterly despicable” if Russia were allowed to profit financially by selling oil and gas to Europe.
The European Union has been gradually reducing its reliance on Russian oil and gas since Russia’s invasion of Ukraine in 2022, reports RTE.
However, Russian President Vladimir Putin has reportedly indicated that Russia is willing to work with European customers as the Middle East conflict contributes to an energy crisis.
Speaking at a meeting of EU finance ministers in Brussels, Mr Harris said it was vital that the EU “remains steadfast” in maintaining economic sanctions on Russia as a key tool in efforts to end the war in Europe, reports RTE.
He said: “The idea that Putin and Putin’s Russia would in any way benefit financially from a moment of conflict and pain and trauma in the Gulf region would be utterly despicable.
“It shows the importance of de-escalating the conflict in the Gulf region, and it also shows the importance of not losing focus on Ukraine and showing solidarity to our friends, to our European friends in Ukraine,” reports RTE.
The Tánaiste said EU member states should be “ready to act” if the oil crisis linked to the Gulf conflict does not resolve quickly.
“It’s really important we [EU member states] come together to consider and analyse the economic impact of the conflict in the Gulf,” he said, reports RTE.
He also said that member states should be “ready to act” if the Gulf oil crisis does not “end quickly”.
Mr Harris said that a drop in oil prices today highlighted the “volatility” of the situation, while the Government continues to keep its response “under review”, reports RTE.
Asked what action he believes the EU should take regarding energy costs, he said Europe’s energy market has become more diversified since 2022 but warned that reliance on other parts of the world remains high.
“I think we still find ourselves far too reliant on other parts of the world when it comes to our energy and certainly this needs to be a sharp reminder and wake-up call about the urgency of moving towards energy independence at a European level,” reports RTE.
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