London: Continuing sanctions against Russia for the conflict in Ukraine, President Vladimir Putin warned the West on Friday in London, run the risk of causing catastrophic energy price increases for consumers everywhere.
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, the use of sanctions may have far more serious – without hyperbole, even catastrophic – effects on the global energy sector.”
