"This problem can be solved -- insuring supplies can be secured by using state guarantees within the framework of interstate agreements with third countries," Medvedev said.

"The EU's decisions to partially phase out Russian oil and oil products, as well as to ban the insurance of Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.

Another group of officials, many based at Janet Yellen’s Treasury Department, worry about further strains on a global economy already suffering from supply-chain woes, inflation, volatile oil prices and a potential food crisis.

Meanwhile those with spare capacity – primarily Saudi Arabia and the UAE – have held off on breaching their quotas to maintain OPEC+ unity rather than spark a market share battle.

Gas exports to the countries beyond the FSU amounted to 61 billion cubic meters, which is 27.6 per cent (or 23.2 billion cubic meters) lower than the figure for the same period of 2021.

Gazprom completely suspends gas supplies to Shell Energy Europe Limited due to failure to pay in rubles

Gazprom completely suspends gas supplies to Denmark’s Orsted Salg & Service A/S due to failure to pay in rubles

Even with some countries halting or phasing out energy purchases, Russia's oil-and-gas revenue will be about $285 billion this year, according to estimates from Bloomberg Economics based on Economy Ministry projections.

First proposed on May 4, the EU's sixth sanctions package against Russia was designed to ban its crude imports into the bloc within six months and halt flows of its oil products by the year-end to help hit Moscow's oil revenues.

Oil still posted its longest run of monthly gains in more than a decade.

In late April, Urals cargoes for late May or early June delivery were trading at a discount of around $5-6/b to benchmark ICE Brent crude futures on a DES Shandong basis,

Striving to further promote mutually beneficial ties, in part, in energy, transport and tourism, the leaders agreed to hold more meetings.

Vladimir Putin explained the real reasons for the unstable food supplies, saying that the disruptions were due to Western countries’ erroneous economic and financial policies, as well as their anti-Russia sanctions.

Striving to further promote mutually beneficial ties, in part, in energy, transport and tourism, the leaders agreed to hold more meetings.

Vladimir Putin reaffirmed Russia’s commitment to its contractual obligations with regard to natural gas supplies to Austria.