• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. Putin: Europe's oil sanctions are 'economic suicide'
Europe

Putin: Europe's oil sanctions are 'economic suicide'

  • By Al Mayadeen English
  • Source: Agencies
  • 17 May 2022 18:25
  • 3 Shares

Putin says the sanctions imposed on Moscow will not only hurt the economy of the sanctioning parties, but will also result in an increase in revenues from oil and gas for Russia.

  • Putin
    Russian President Vladimir Putin

Russian President Vladimir Putin said Tuesday that the oil sector was witnessing a "tectonic change", adding that Europe would be committing "economic suicide" with its sanctions on Moscow over Ukraine.

Europe would only hurt itself by phasing out Russian energy supplies, the Russian President said, urging state officials to act in an "ill-thought-out" way.

He told an energy meeting that Europe would see higher energy prices and higher inflation as a result of its actions, saying, "Of course, such an economic suicide is a domestic affair of the European countries."

Read more: US sanctions 40 Russian entities, 29 individuals over Ukraine

Russia was hit with extensive sanctions after Putin sent troops to Ukraine on February 24, and Western nations have displayed close coordination in announcing penalties but have moved at a different pace when it came to Russian oil and gas.

Putin demonstrated wishes to redirect supplies to "friendly" countries as nations in Europe were looking to wean themselves off Russian energy.

Putin reiterated that Europe's "chaotic actions" will not only hurt its own economy but will also lead to an increase in revenues from oil and gas for Russia.

"Changes in the oil market are tectonic in nature and doing business as usual, according to the old model, seems unlikely," he said.

"In the new conditions, it is important not only to extract oil, but also to build the entire vertical chain leading to the final consumer," he added, mentioning that the government will help firms change their business model.

  • Russia
  • Russian special military operation
  • Europe
  • Sanctions on Russia
  • Oil
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Trending Now

All
JPMorgan CEO

JPMorgan: An abrupt ban on Russian oil could increase prices

Most Read

Haaretz

Mossad agent killed in Italy part of anti-Iran mission: Israeli media

  • Europe
  • 3 Jun
Screengrab from drone video footage showing Ukrainian Leopard tanks getting hit by Russian artillery in the Zaparozhye direction (Social media / Telegram: ZA_FROHT)

Germany's Leopards, IRIS-Ts not holding up well in Ukraine

  • Europe
  • 8 Jun
James G. Rickards. (WIkipedia)

Ex-CIA advisor predicts date when US dollar hegemony will collapse

  • Europe
  • 7 Jun
NATO may deploy troops in Ukraine to guarantee security: Former chief

NATO states may deploy in Ukraine to guarantee security: Former chief

  • Europe
  • 8 Jun

Read this

All
Iranian President Ebrahim Raisi attends a mid-day prayer at Istiqlal Mosque in Jakarta, Indonesia, May 24, 2023 (AP)
MENA

Iran BRICS membership to soon be materialized, Raisi says

  • 9 Jun
File photo shows Lebanese Armed Revolutionary Factions (LARF) activist George Ibrahim Abdallah escorted by a French Gendarme as he arrives at Lyon courthouse, July 10, 1986 (samidoun network)
Europe

Georges Abdallah submits 9th parole request to French authorities

  • 9 Jun
Late Egyptian President greeted by cheering crowds after announcing his nationalization of the Suez Canal Company, Cairo, July 26, 1956 (Wikimedia)
MENA

UK's role in sabotaging Nasser's plans for developing Suez Canal: BBC

  • 9 Jun
Screen grab from a Russian forces drone footage featuring destroying NATO-supplied German madeLeopard 2A6 and US made 4 M2A2 Bradley IFV (Telegram: VOIN_DV)
Europe

M2A2 Bradleys IFVs, Leopard 2 tanks destroyed in Zaporozhye front

  • 9 Jun
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS