Russia will likely be shut out permanently from global energy markets, top oil execs say

Russia will likely be out of global energy markets permanently once Europe is able to operate without oil and gas, top energy executives said.

The European Union has a firm resolve to wean itself off of Russian supplies, Meg O'Neill, CEO of Australia's Woodside Petroleum, said at an energy conference in Brisbane Tuesday, according to the Financial Times.

She said that the Europeans after World War II thought there wouldn't be war again.

As the EU edges closer to a phased-in embargo of Russian oil, the US has already banned it. European countries are looking to get rid of their dependence on Russian natural gas.

Europe isn't the only market that can use alternative energy. Once Russia is out of the trade loop, Liquefied natural gas producers in Australia can help fill demand in Asia.

Kory Judd, director of operations for the Australian business of Chevron, said that the world wouldn't allow Russia to return to global markets unless President Putin changed his mind.

Judd said at the Tuesday conference that there was a moral transition that would have to happen. If there was a quick change of heart and more responsible actions, there could be a re-integration.