Russian Energy Minister Alexander Novak: The World needs energy stability

Against the background of the ongoing crisis developments in the global economy the issue of long-term energy sustainability is relevant as never before.

Over the past 25 years, the world has been rapidly changing, and the speed of the changes has increased steadily. To date, it has become apparent that the existing system of international relations as a whole doesn’t meet the new geopolitical realities. In the energy sector it shows itself in the fact that the existing international institutional structure of cooperation development can’t offer effective tools for solving the most pressing problems, including, in my opinion, the main ones:

- the protection of investment in major mining and infrastructure projects in the energy sector;
- reducing the volatility of energy markets;
- ensuring security of supply and security of transit.