Putin warns West: sanctions risk price catastrophe for energy consumers

Russian President Vladimir Putin said on Friday that continued use of sanctions against Russia could lead to catastrophic price rises on energy markets, hitting households across Europe with much higher prices for energy. "Yes, we know that the Europeans are trying to replace Russian energy resources," Putin said at a televised meeting with senior officials.

Russian President Vladimir Putin said on Friday that continued use of sanctions against Russia could lead to catastrophic price rises on energy markets, hitting households across Europe with much higher prices for energy.

"Yes, we know that the Europeans are trying to replace Russian energy resources," Putin said at a televised meeting with senior officials. "However, we expect the result of such actions to be an increase in gas prices on the spot market and an increase in the cost of energy resources for end consumers." "All this once again shows that sanctions restrictions on Russia cause much more damage to those countries that impose them. Further use of sanctions may lead to even more severe, without exaggeration, even catastrophic consequences on the global energy market."