“Further use of the sanctions policy may lead to even more serious, not to exaggerate, even catastrophic consequences for the global energy market.“, warned Mr. Putin.
“Sanctions against Russia cause much more damage precisely to the countries that impose them“, he said again, a phrase he repeats at will, noting the soaring energy prices in Western countries.
He was glad that other oil-producing countries are resisting Western demands to increase their oil production to compensate for boycotted Russian oil and prevent a price hike.
The offensive launched at the end of February by Moscow in Ukraine provoked an unprecedented rain of Western sanctions, including an embargo on Russian oil imposed by Brussels and Washington.
Moscow, in response to Western sanctions, has in recent weeks slashed its gas deliveries to Europeans, who are still very dependent on Russian hydrocarbons despite their recent efforts to diversify their suppliers.
The transit of Russian gas through Ukraine thus reached a historic low in June. Added to this is the growing concern in Germany, on the eve of the total shutdown from Monday of the Nord Stream 1 gas pipeline due to maintenance work.
As a result, energy prices have soared, fueling a surge in inflation at the risk of permanently curbing consumption and growth.