Russia has warned the United States that it will feel the consequences of the US sanctions on the Kremlin after it deployed forces in the republic of Donetsk and Luhansk and recognized their independence.

According to The Washington Post, the west was preparing for a response from Russia after it warned that the sanctions would harm global financial and energy markets. The US President Joe Biden acknowledged that the crisis could lead to higher gasoline prices, while US companies were warned to prepare for possible cyber attacks.

European and Japanese officials have also expressed concerns that Moscow is restricting energy supplies and making chips. 

A senior Russian official warned yesterday that Germany, which halted a major pipeline project with Moscow, would "very soon" pay more than double for natural gas.

Despite the potential fallout, Biden has vowed more sanctions if Russia invades Ukraine.

Canadian sanctions 

The Russian Embassy in Canada warned on Wednesday that Russia will react to Ottawa's "illegitimate" sanctions and that its decision to recognize the independence of the Donetsk and Luhansk people's republics is irrevocable.

According to the statement, "Unilateral sanctions against Russia imposed by the Government of Canada are illegitimate and illegal. Following the principle of reciprocity, Russia will respond to this unfriendly gesture."

It added that "these sanctions will not influence the situation on the ground. Russia’s recognition of the independence of the Peoples’ Republics of Donetsk and Luhansk is irreversible. Russia will always protect and safeguard the security, peace, and prosperous future of their citizens."

Russian Foreign Ministry: A strong response to sanctions is due 

In a statement by the Foreign Ministry, Russia asserted that in regards to western sanctions, there should be no doubt that a strong response will be delivered. 

The Ministry described the sanction policy that has been ongoing for years as ineffective and unconstructive, adding that Moscow has successfully proven it has the ability to deter the damage caused by any sanctions.

🔻
💬#Antonov: It is hard to imagine that someone in #Washington is counting on 🇷🇺 to revise its foreign policy under the threat of sanctions. I don't remember a single day when our country lived without any restrictions from the Western world.
🔻https://t.co/yJ5qF3SfFD pic.twitter.com/Twrm8xT393

— Russian Embassy in USA 🇷🇺 (@RusEmbUSA) February 23, 2022

The Russian Ambassador to the US affirmed that not only will Russia survive the sanctions but will develop further, as Russia has learned to work and prosper under sanctions, adding that he does not remember a "single day when our country lived without any restrictions from the Western world."

Earlier, the Russian President refuted all claims of alleged plans of restoring Russia's "empire".

Putin said at a meeting with Azerbaijan's President Ilham Aliyev in the Kremlin that "this absolutely does not correspond with reality."

The EU also imposed sanctions on Russia, with sanctions imposed against 351 members of the Russian state duma and 27 "high profile individuals and entities."

Australia and Japan followed suit, whereas China opposed the sanctions, describing them as unilateral and illegal.

"The Minsk Agreements were dead long before yesterday's recognition of the people's republics of Donbass." The President answered journalists' questions https://t.co/c41e8yOPdm pic.twitter.com/neSIVX2Fxj

— President of Russia (@KremlinRussia_E) February 22, 2022