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Vladimir Putin warned of “catastrophic consequences” for worldwide power markets, with Europe nations most at danger, if western countries impose more sanctions on Russia over its invasion of Ukraine.

European countries are functioning on getting different sources of electrical power to replace Russian oil and fuel imports, posing a risk to the long-term steadiness of the sanctions-hit Russian financial state, which has been bolstered by revenues from its commodities exports.

But talking with members of authorities more than online video hyperlink on Friday, Russia’s president explained it was European international locations that face the biggest hazard, as their go absent from Russian strength will guide to better gasoline rates on the place market and for consumers.

“All this reveals, when all over again, that sanctions on Russia conclude up creating considerably a lot more damage to those people countries that impose them,” Putin explained.

“The even more use of sanctions could lead to even additional intense repercussions, even, with out exaggeration, catastrophic outcomes on the international strength industry.”

Putin stated western international locations ended up trying to convince other electrical power producers to raise their output in purchase to retain down price ranges, “but the strength industry,” he mentioned, “does not tolerate this sort of fuss.” 

Putin admitted that sanctions were being also obtaining an effect on Russia and warned his ministers to not permit down their guard.

He claimed he could see some authorities officials relaxing a minimal as well considerably, adopting an attitude of: “I really do not give a damn about these sanctions, screw them! It is all in the past, we’ve coped with anything and experience assured,” Putin explained.

“Yes, we should really truly feel self-confident, but the pitfalls continue to be,” he stated. “These steps, these restrictions, they are harming our economic climate.”