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Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.
Qatari PM: We must not surrender to the arrogance of extremists and pursue our quest for a 'two-state solution'
Qatari PM: The only path to peace begins through negotiations and a ceasefire
Qatari PM: We demand that the Security Council assume its historical responsibility, as silence in the face of the law of the jungle undermines international peace and destabilizes the UN system
Qatari PM: The extremists who rule "Israel" do not care about the lives of the "hostages"; otherwise, how can the timing and location of the attack be explained?
Qatari PM: 'Israel's' attack on Hamas leaders in Doha is a violation of Qatar's sovereignty
Qatari PM: The ongoing [Israeli] violations only prove one thing: the Israeli officials' drunkenness on power amid impunity
Yemeni Ministry of Health: The death toll from the Israeli aggression on Sanaa and Al-Jawf Governorate has risen to 46, in addition to 165 injuries, including a large number of women and children, according to a non-final toll
Representative of Russia to the Security Council: What happened is not a coincidence, but rather a logical consequence of the complete impunity 'Israel' enjoys

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

  • By Al Mayadeen English
  • Source: Agencies
  • 17 May 2022 17:25
  • 3 Shares
2 Min Read

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.

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  • 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."

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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.

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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?

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