Russian President Vladimir Putin hailed the development of the country's energy sector at a meeting with government officials Monday.

"Despite sanctions and strong volatility in the global and regional energy markets, the domestic fuel and energy sector is developing steadily," Putin said, adding that the sector is opening new export markets and meeting in full "growing domestic needs".

Putin said that the gas production volumes have grown by 8 percent during the first four months of the year compared to last year while indicators in the oil industry are "stable."

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