Energy price spikes caused by sanctions are a danger, Putin warns the west

A global energy price spike might trigger catastrophic energy price rises if sanctions against Russia over the war in Ukraine are maintained, said Vladimir Putin on Friday.

Putin, who casts the sanctions imposed on Russia as a declaration of economic war, said that Western calls to reduce reliance on Russian energy had made global markets “feverish” with spikes in oil and gas.

Last month, Group of Seven (G-7) leaders said Russian fossil fuel prices, including oil, should be capped as European Union customers desire to wean themselves off Russian gas.

Russia's oil and gas industry leaders, such as Rosneft CEO Igor Sechin and Deputy Prime Minister Alexander Novak, were told sanctions against Russia cause much greater damage to countries that impose them.

9 July 2022