Russian President Vladimir Putin has warned the West that sanctions against Moscow can have catastrophic repercussions on the global energy sector.
“Sanctions restrictions on Russia cause much more damage to those countries that impose them," Putin told the government leaders on Friday, Reuters reported.
“Further use of sanctions may lead to even more severe - without exaggeration, even catastrophic - consequences on the global energy market."
If G7 countries proceed with plans to cut the price Russia may earn for its petroleum, the key source of government funding, it is believed that Russia may limit oil shipments in retaliation, FT stated.
Russia is the world's second-largest oil exporter and also the world's largest natural gas exporter. Russia supplies around 40% of Europe's gas and 30% of its oil.
Picture Credits: Reuters
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