Putin: Europe’s Russia sanctions tantamount to ‘economic suicide’ | Oil and Gas News

By searching for to section out Russian vitality provides, Europe will solely damage itself, Russian President Vladimir Putin warned.

Russian President Vladimir Putin on Tuesday mentioned the oil sector was present process a “tectonic change”, however claimed Europe can be committing “financial suicide” with its sanctions on Moscow over Ukraine.

By searching for to section out Russian vitality provides, Europe will solely damage itself, Putin mentioned, urging state officers to make use of “ill-thought-out” strikes by the West to the nation’s benefit.

He instructed an vitality assembly that Europe would see increased vitality costs and better inflation because of its actions.

“After all, such an financial suicide is a home affair of the European international locations,” Putin mentioned.

After the Kremlin despatched troops to Ukraine on February 24, the West has launched unprecedented sanctions towards Russia.

Western international locations have displayed shut coordination of their bulletins of penalties, however haven’t moved on the identical tempo in terms of Russian oil and gasoline.

Putin is hoping to redirect provides to “pleasant” international locations as European nations search for methods to wean themselves off Russian vitality.

Putin mentioned Europe’s “chaotic actions” aren’t solely damaging its personal economic system, but additionally resulting in a rise in revenues from oil and gasoline for Russia.

“Adjustments within the oil market are tectonic in nature and doing enterprise as common, in response to the previous mannequin, appears unlikely,” he mentioned.

“Within the new circumstances, it is vital not solely to extract oil, but additionally to construct your entire vertical chain resulting in the ultimate shopper,” he added.

Putin mentioned the federal government will assist corporations change their enterprise fashions.

The Kremlin chief mentioned the state would assist enhance logistics in addition to the deep processing of hydrocarbons and guarantee funds in nationwide currencies.