Vladimir Putin warned of “catastrophic consequences” for world wide power markets, with Europe nations most at possibility, if western nations impose further sanctions on Russia over its invasion of Ukraine.
European international locations are doing work on obtaining choice resources of energy to change Russian oil and fuel imports, posing a hazard to the extended-phrase security of the sanctions-hit Russian financial system, which has been bolstered by revenues from its commodities exports.
But speaking with customers of federal government more than movie hyperlink on Friday, Russia’s president claimed it was European countries that deal with the finest hazard, as their go away from Russian vitality will lead to increased fuel price ranges on the location current market and for buyers.
“All this reveals, at the time all over again, that sanctions on Russia stop up resulting in much extra damage to those countries that impose them,” Putin said.
“The even more use of sanctions could guide to even far more extreme effects, even, with out exaggeration, catastrophic implications on the worldwide electricity market.”
Putin explained western nations around the world ended up attempting to convince other electrical power producers to enhance their output in purchase to maintain down rates, “but the energy current market,” he reported, “does not tolerate these types of fuss.”
Putin admitted that sanctions were also obtaining an impact on Russia and warned his ministers to not allow down their guard.
He claimed he could see some govt officers comforting a tiny also substantially, adopting an attitude of: “I don’t give a damn about these sanctions, screw them! It is all in the earlier, we have coped with almost everything and really feel assured,” Putin reported.
“Yes, we must truly feel assured, but the hazards remain,” he claimed. “These steps, these restrictions, they are harming our economic climate.”