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Vladimir Putin warned of “catastrophic consequences” for world wide energy markets, with Europe nations most at possibility, if western nations impose even more sanctions on Russia over its invasion of Ukraine.

European nations around the world are functioning on obtaining alternate sources of vitality to switch Russian oil and fuel imports, posing a threat to the extended-time period steadiness of the sanctions-hit Russian overall economy, which has been bolstered by revenues from its commodities exports.

But talking with users of govt over video hyperlink on Friday, Russia’s president mentioned it was European international locations that experience the greatest hazard, as their shift absent from Russian strength will guide to higher fuel costs on the place market and for individuals.

“All this reveals, after once more, that sanctions on Russia stop up producing a lot extra harm to these countries that impose them,” Putin explained.

“The even more use of sanctions could direct to even far more extreme effects, even, without exaggeration, catastrophic effects on the world wide energy current market.”

Putin mentioned western countries were being trying to persuade other vitality producers to maximize their output in purchase to preserve down prices, “but the strength marketplace,” he claimed, “does not tolerate this sort of fuss.” 

Putin admitted that sanctions had been also owning an influence on Russia and warned his ministers to not permit down their guard.

He claimed he could see some governing administration officers soothing a minimal much too a lot, adopting an attitude of: “I really do not give a damn about these sanctions, screw them! It’s all in the earlier, we have coped with every thing and come to feel confident,” Putin explained.

“Yes, we must feel self-assured, but the dangers stay,” he claimed. “These actions, these limitations, they are harming our financial system.”