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Vladimir Putin warned of “catastrophic consequences” for global energy marketplaces, with Europe nations most at hazard, if western international locations impose additional sanctions on Russia about its invasion of Ukraine.

European international locations are working on acquiring substitute resources of electricity to switch Russian oil and gasoline imports, posing a possibility to the lengthy-time period security of the sanctions-hit Russian economic system, which has been bolstered by revenues from its commodities exports.

But talking with customers of govt in excess of video clip connection on Friday, Russia’s president mentioned it was European countries that facial area the biggest chance, as their go absent from Russian energy will direct to bigger gasoline charges on the spot market and for buyers.

“All this reveals, the moment once again, that sanctions on Russia finish up resulting in considerably additional harm to these countries that impose them,” Putin explained.

“The even further use of sanctions could lead to even a lot more intense outcomes, even, devoid of exaggeration, catastrophic implications on the international energy sector.”

Putin explained western nations have been attempting to influence other vitality producers to raise their output in get to hold down selling prices, “but the electricity current market,” he mentioned, “does not tolerate these fuss.” 

Putin admitted that sanctions were also getting an outcome on Russia and warned his ministers to not permit down their guard.

He claimed he could see some government officials stress-free a minor far too considerably, adopting an perspective of: “I don’t give a damn about these sanctions, screw them! It’s all in the previous, we have coped with every little thing and experience confident,” Putin claimed.

“Yes, we ought to truly feel self-confident, but the challenges continue being,” he mentioned. “These steps, these limits, they are harmful our economic system.”