Tehran [Iran] July 20 (ANI/Sputnik): Russian President Vladimir Putin said on Wednesday that fuel prices have been skyrocketing due to Western policies.

"Capital investments in the traditional energy sector have decreased due to earlier political decisions [of the West]. Banks do not finance, insurance companies do not insure, local authorities do not allocate land for new developments, and do not develop pipelines and other means of transportation.

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Here is the result of the policies of the previous decade," Putin told journalists after the trilateral summit, answering a question of whether Russia is being frightfully accused of the energy crisis and soaring fuel prices.

The president added that Europe has neglected the traditional energy sources and placed a premium on alternative energy sources.

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"I have said this many times before, and I do not know if I should go into detail about the energy policies of European countries that have neglected the importance of traditional energy and have relied on unconventional energy. They are big specialists in unconventional relations.

So they decided to put a premium on unconventional energy in the field of energy-solar and wind energy. It turned out to be a long winter. There was no wind. And that's it," Putin said. (ANI/Sputnik)

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