(Reuters) – Russian President Vladimir Putin stated on Thursday that Russian oil companies would not shut off their wells despite West’s attempts to reduce its dependency on Moscow for energy.

After Moscow’s troops entered Ukraine in March, the United States placed an embargo on Russian imports. Last month, however the European Union had agreed to reduce 90% of its Russian oil imports.

Putin claimed that over the next several years, Russia’s energy resources will continue to be used by the West.

While it seems unlikely we’ll see a refusal of our energy resources, “It is very unlikely” that this will occur in the next few decades. It isn’t clear how or when. Putin stated this during a meeting of young entrepreneurs that no one would pour cement in the wells.

Russian oil production declined by almost 9% in April. But it has been steadily rising since, despite West-imposed sanctions. Russia had diverted its oil exports towards Asia and primarily to India, China, so the West is not imposing any harsh sanctions on Russia.

Russia might be earning more from fossil fuels right now than ever before it began what it called its “special military operations” in Ukraine. The global price rises have offset Western efforts to reduce its sales, Amos Hochstein, U.S. Energy Security envoy, said on Thursday.

Putin stated that the sanctions have led to a reduction in oil supply to international markets while prices are rising.

The earnings of Russian companies have been increasing in dollars terms. He said that everyone sees and understands the situation.