Putin Says Europe Is ‘Suicide’ In Banning Russian Oil

President Putin said Europe would harm itself, even “economically suicide,” if it imposed sanctions on Russian oil.

Speaking at an energy meeting today, Russian President Vladimir Putin said Europe would only harm itself if it tried to remove energy supplies from Moscow, and urged Russian officials to exploit the West’s “thoughtless” action to gain advantages for the country to achieve country.

He said Europe will see higher energy prices and inflation because of their actions. “Of course, such economic suicide is an internal matter of European countries,” Putin said.

After Russia launched a military operation in Ukraine on February 24, the European Union (EU) imposed unprecedented sanctions on Moscow and is discussing a sixth round of sanctions, including a ban on oil imports from Russia. However, the EU has so far failed to find a common voice on banning Russian oil when Hungary opposed it.

Russian President Vladimir Putin attended a meeting of the Russia Oversight Committee in Moscow last month.  Photo: AFP.

Russian President Vladimir Putin attended a meeting of the Russia Oversight Committee in Moscow last month. Picture: AFP.

The Russian president vowed to redirect supplies to friendly countries as Europe seeks to cut supplies from Moscow. Putin said the EU’s “chaotic actions” not only hurt the bloc’s own economy, but also helped Russia boost its oil and gas revenues.

“The oil market is going through tectonic changes and normal business according to the old model seems impossible,” he said. “Under the new conditions, it is important not only to extract oil, but also to put the entire supply chain in the hands of the end user.”

The Russian government will help companies change their business models, Putin said. The Kremlin chief added that the state will help improve logistics and the production process, as well as ensure that oil and gas purchase contracts are paid for in rubles.

The EU is heavily dependent on energy supplies from Russia, which provides about 40% of its gas needs and about a quarter of its oil. Experts say that efforts to find sufficient alternatives to Russian energy will be extremely difficult, even impossible in the short term, as many countries in the EU have gradually phased out nuclear and coal power in recent years.

than tam (Corresponding AFP)