10.34 am
Lord Truscott: My Lords, I declare my relevant energy and other interests, as stated in the Lords’ Register of Interests and recorded by the Advisory Committee on Business Appointments. I also declare an interest because I have a Russian wife, and as Vladimir Putin's biographer.
Incidentally, as Putin's biographer, I was never one of those who believed that the former president would
10 Oct 2008 : Column 419
quietly ride off into the sunset. Instead, what we now have is a political tandem, with Prime Minister Vladimir Putin firmly in the front seat and President Dmitry Medvedev holding up the rear.
The EU accounts for 81 per cent of Russia's pipeline gas exports and 60 per cent of its oil exports. As supplier and consumer, we are locked in a close mutual embrace. As the noble Lord, Lord Roper, said, production shortfalls and the falling price of oil, now under 85 dollars a barrel—incidentally, at under 70 dollars a barrel the Russian federal budget will be in difficulty—present a major threat, as do the production shortfalls themselves, to Russia's ability to meet its international and domestic commitments.
As a former energy Minister, I have a particular interest in energy matters, and I believe that the noble Lord, Lord Crickhowell, will expand on this theme in his speech. Despite the Government's response to our report, I still believe that we were right in the committee in arguing
that pressing Russia for ratification of the energy charter treaty is a waste of time.
Bookmarks