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Vladimir Putin warned of “catastrophic consequences” for world wide electricity marketplaces, with Europe nations most at threat, if western countries impose even further sanctions on Russia around its invasion of Ukraine.

European countries are performing on obtaining substitute sources of strength to switch Russian oil and gasoline imports, posing a possibility to the extensive-time period stability of the sanctions-strike Russian economic system, which has been bolstered by revenues from its commodities exports.

But speaking with associates of federal government more than online video link on Friday, Russia’s president reported it was European international locations that experience the biggest hazard, as their transfer absent from Russian electrical power will direct to better gasoline price ranges on the location market place and for consumers.

“All this reveals, once again, that sanctions on Russia close up producing a lot far more damage to those countries that impose them,” Putin mentioned.

“The additional use of sanctions could direct to even much more intense consequences, even, devoid of exaggeration, catastrophic implications on the world wide strength sector.”

Putin claimed western nations had been making an attempt to encourage other strength producers to improve their output in buy to retain down selling prices, “but the electrical power market place,” he explained, “does not tolerate these types of fuss.” 

Putin admitted that sanctions have been also owning an impact on Russia and warned his ministers to not enable down their guard.

He claimed he could see some government officials soothing a minor also a great deal, adopting an perspective of: “I do not give a damn about these sanctions, screw them! It is all in the past, we’ve coped with every little thing and feel self-confident,” Putin mentioned.

“Yes, we ought to experience self-confident, but the challenges remain,” he reported. “These steps, these limitations, they are harmful our financial state.”