Continuing sanctions against Russia over the conflict in Ukraine, President Vladimir Putin told the West on Friday, run the risk of causing catastrophic energy price increases for consumers all over the world.
Putin, who views the sanctions placed on Russia as a declaration of economic war, claimed that Western calls to lessen reliance on Russian energy had caused surges in oil and gas prices, which had caused the world markets to “feverish.”
Customers in the European Union have stated a desire to wean themselves off of Russian gas, and last month, leaders of the Group of Seven expressed a desire to investigate “price restrictions” on Russian fossil fuels, including oil.
Igor Sechin, the CEO of Rosneft, and Alexander Novak, the deputy prime minister, were among Putin’s audience members who represented Russia’s oil and gas sector. “Sanctions restrictions on Russia do significantly more damage to those nations that apply them,” Putin said.
“Furthermore use of sanctions may have far more serious – without hyperbole, even catastrophic – effects on the global energy sector.“
The assumptions underlying the energy and commodities markets have been called into question, stifling global growth, as a result of Putin’s invasion of Ukraine on February 24 and the West’s imposition of the most severe sanctions in modern history.
The 69-year-old head of the Kremlin has frequently indicated he is in no mood to back down as he deals with a major war, the largest geopolitical crisis, and the greatest economic challenge to hit Russia since the fall of the Soviet Union in 1991.
Featured Image: Wikimedia Commons
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