RUSSIA, March 7 - Excerpts from the transcript:

Regrettably, we have been hearing statements by European politicians on energy issues and calls to phase out Russian oil and gas.

European officials are once again trying to shift the problems and failures of their own energy policy of recent years onto Russia.

As a result, we are seeing a spike in energy prices.

I can say with complete confidence that Russia has nothing to do with the current price spike and volatility in the market.

Regarding gas supplies to Europe.

Europe consumes about 500 billion cubic metres of gas per year. Russia provides 40 percent of that.

Russia has been nothing but a reliable partner for many decades in spite of everything.

Gazprom continues to fully meet its contractual obligations on gas supplies to Europe in full.

Moreover, deliveries through the Ukrainian gas transmission system have been increased to 109 million cubic metres a day, which equals about 40 billion cubic metres of transit deliveries to European consumers per year. This concerns transit via Ukraine, and we execute it 100 percent. Gas is also delivered via Nord Stream 1, Yamal – Europe, TurkStream and Blue Stream pipelines.

Given that, as well as the baseless accusations against Russia regarding the energy crisis in Europe and the ban on Nord Stream 2, we know we are fully entitled to adopt a symmetrical measure and place an embargo on gas transit via Nord Stream 1, which is presently running at 100 percent capacity. 

We have not taken that decision yet.

Nobody stands to benefit from that.

Although European politicians continue to push us towards it with their statements and accusations against Russia.

Now for the supply of Russian oil and petrochemicals to European markets.

Russia is a major supplier of oil to Europe. Europe consumes about 500 million tonnes of oil, and Russia supplies around 30 per cent of it, that is 150 million tonnes, and 80 million tonnes of petrochemicals on top of that.

As ever, Russia has been fulfilling all its obligations in full, attending to all orders, exporting oil and petrochemicals as planned.

However, we are concerned by the discussion and statements we are seeing regarding a possible embargo on Russian oil and petrochemicals, on phasing them out.

We see our partners, traders, shipping companies, banks and financial institutions coming under enormous pressure.

I would like to emphasise that such statements and actions will only roil the market. We have already seen oil prices exceeding $130 per barrel.

Moreover, everyone knows that oil and petrochemicals supplied by Russia are currently the most competitive on the European market, with its extensive pipeline infrastructure and sea logistics.

It is obvious that foregoing Russian oil will have catastrophic consequences for the world market. The price surge will be unpredictable, up to $300 per barrel, or even more.

And it is impossible to quickly find a replacement for Russian oil on the European market. It will take years, and it will still be much more expensive for European consumers. Ultimately, they will be hurt the worst by this outcome.

In this case European politicians should level with their citizens and consumers about what they will face, about how the cost of petrol, electricity and heating will skyrocket. It will also affect other markets, including America.

If you want to cut off supplies of energy resources from Russia, go ahead, we are ready for that.

We know where we will reroute these volumes. The question is – who will benefit?  And what is the point?

Attempts to kick start a discussion of an import ban undermine the foundations of the market, create uncertainty and cause considerable harm to consumers.

I would also like to comment on the situation with Zaporozhye nuclear power plant.

Various fakes are being hyped alleging that the Russian Armed Forces are attacking Zaporozhye nuclear power plant.

I want to stress once again – Russia has absolutely nothing to do with that.

It’s a lie.

The Russian Armed Forces are cooperating with the Ukrainian specialists working at the plant.

We are in constant contact with the IAEA and are always ready to render technical support to the Ukrainian specialists regarding plant maintenance.

Moreover, according to our information, a provocation against the Ukrainian gas transit system is being plotted, against gas compressor stations, to be exact.

I want to warn about it in advance – this is extremely dangerous.

Russia has no interest in that happening. We are doing everything we can to thwart it.