Russian President Vladimir Putin warns of serious consequences for the West if the West expands its sanctions.
He said in a meeting with government officials, “Further application of the sanctions policy can lead to even more serious, without exaggeration even catastrophic, consequences in the global energy market.”
The sanctions imposed on Russia since the Ukraine war are being gradually extended further. The sanctions are to hit energy products in particular, as the West believes it will hit Russia hardest if these are sanctioned. In addition to Russian coal, the embargo is to be extended to Russian oil.
Yet at the same time, Putin conceded for the first time that the measures taken by the West were damaging the Russian economy, “These measures, the restrictions are hurting our economy, and many risks remain.”
Russian companies should now prepare for the embargo and diversify more in exporting energy resources.