Vladimir Putin warned of “catastrophic consequences” for world-wide power marketplaces, with Europe nations most at danger, if western nations around the world impose further sanctions on Russia above its invasion of Ukraine.
European countries are doing the job on discovering option sources of electricity to replace Russian oil and gas imports, posing a possibility to the long-expression security of the sanctions-strike Russian overall economy, which has been bolstered by revenues from its commodities exports.
But talking with associates of govt above online video website link on Friday, Russia’s president said it was European nations around the world that deal with the biggest hazard, as their go away from Russian energy will guide to larger fuel rates on the spot market place and for people.
“All this reveals, after again, that sanctions on Russia finish up resulting in a great deal additional damage to these countries that impose them,” Putin mentioned.
“The even further use of sanctions could guide to even more intense penalties, even, without exaggeration, catastrophic implications on the world electricity market.”
Putin said western countries were being trying to convince other electricity producers to enhance their output in get to keep down rates, “but the strength industry,” he claimed, “does not tolerate these kinds of fuss.”
Putin admitted that sanctions were being also having an result on Russia and warned his ministers to not let down their guard.
He claimed he could see some authorities officials comforting a small way too substantially, adopting an perspective of: “I really don’t give a damn about these sanctions, screw them! It’s all in the earlier, we’ve coped with anything and come to feel assured,” Putin mentioned.
“Yes, we ought to come to feel assured, but the pitfalls remain,” he explained. “These steps, these constraints, they are detrimental our economic system.”