Vladimir Putin warned of “catastrophic consequences” for world-wide electrical power marketplaces, with Europe nations most at danger, if western international locations impose further sanctions on Russia around its invasion of Ukraine.
European international locations are doing work on discovering choice sources of energy to replace Russian oil and fuel imports, posing a hazard to the long-expression steadiness of the sanctions-strike Russian economic climate, which has been bolstered by revenues from its commodities exports.
But talking with users of government about video clip hyperlink on Friday, Russia’s president reported it was European nations around the world that encounter the finest danger, as their transfer away from Russian electricity will lead to bigger gasoline selling prices on the spot market place and for customers.
“All this reveals, after once more, that sanctions on Russia stop up triggering significantly much more damage to all those countries that impose them,” Putin claimed.
“The even further use of sanctions could lead to even far more intense effects, even, without having exaggeration, catastrophic implications on the world-wide energy market place.”
Putin stated western international locations have been attempting to convince other electricity producers to enhance their output in purchase to preserve down rates, “but the electricity market place,” he claimed, “does not tolerate these kinds of fuss.”
Putin admitted that sanctions were also having an impact on Russia and warned his ministers to not let down their guard.
He claimed he could see some federal government officials stress-free a minimal also much, adopting an mind-set of: “I really do not give a damn about these sanctions, screw them! It is all in the previous, we have coped with all the things and come to feel self-confident,” Putin reported.
“Yes, we really should experience self-assured, but the dangers remain,” he explained. “These actions, these limitations, they are harming our economy.”