Further sanctions can lead to catastrophic consequences on global energy markets, Putin warns

By Elena Teslova

MOSCOW (AA) - Further sanctions on the Russian energy sector could lead to catastrophic price rises on global energy markets, President Vladimir Putin warned on Friday.

Speaking at a televised meeting with senior government officials in Moscow, Putin said that despite unprecedented sanctions, which have been imposed by the West due to its war on Ukraine, Russian fuel and energy sector remains fairly stable.

"This stability of the fuel and energy complex was achieved largely due to measures to support and develop the industry, strengthen technological independence, increase the depth of oil and gas refining, as well as the operational reorientation of export supplies," he said.

Putin said sanctions affect Russia as well, but cause more damage to those countries that impose them.

Russian companies continue deliveries of hydrocarbons, he said, and called on the government to be prepared for a possible oil embargo in a new EU sanctions package.

"We see that the West is trying to force other oil exporting countries to increase their production volumes. But the global energy market is very calm, stable in fact ... ," he said.

"Currently, the government is working on options for the development of railway, marine and pipeline infrastructure for the supply of Russian oil and petroleum products to friendly countries."