Vladimir Putin warned of “catastrophic consequences” for world wide power marketplaces, with Europe nations most at danger, if western nations impose more sanctions on Russia above its invasion of Ukraine.
European international locations are operating on acquiring substitute resources of strength to exchange Russian oil and gas imports, posing a danger to the prolonged-expression steadiness of the sanctions-hit Russian economy, which has been bolstered by revenues from its commodities exports.
But speaking with users of government in excess of online video website link on Friday, Russia’s president said it was European nations that encounter the best possibility, as their transfer absent from Russian power will direct to greater gas rates on the location market place and for individuals.
“All this reveals, once once again, that sanctions on Russia close up resulting in substantially far more hurt to those countries that impose them,” Putin mentioned.
“The additional use of sanctions could guide to even a lot more extreme penalties, even, without the need of exaggeration, catastrophic penalties on the world-wide energy marketplace.”
Putin explained western nations around the world were making an attempt to encourage other strength producers to raise their output in order to hold down rates, “but the strength current market,” he claimed, “does not tolerate these kinds of fuss.”
Putin admitted that sanctions ended up also owning an effect on Russia and warned his ministers to not allow down their guard.
He claimed he could see some government officials relaxing a minimal too considerably, adopting an perspective of: “I really don’t give a damn about these sanctions, screw them! It is all in the previous, we have coped with every thing and truly feel confident,” Putin explained.
“Yes, we should really feel confident, but the hazards keep on being,” he mentioned. “These steps, these constraints, they are harming our financial system.”