Russia tells the US to wait for its response to the 'economic war'

Putting Washington on notice that it might respond to a ban on Russian oil and energy, Russia accused the United States on Wednesday of waging an economic war on the country.

After Moscow's invasion of Ukraine, the West imposed heavy sanctions on virtually every aspect of Russia's financial and corporate system, leaving the country facing its gravest economic crisis since the 1991 collapse of the Soviet Union.

Dmitry Peskov, a Kremlin spokesman, described the West's sanctions as hostile and said it roiled global markets. He added that it was unclear to what degree turbulence would continue.

Peskov said that he saw a bacchanalia, a hostile bacchanalia, which the West is sown with-and this of course makes the situation very difficult and makes us think seriously.

Attempts by the West to cut off Russia, one of the world's largest oil, gas, and metal exporters, have exacerbated volatile commodity markets and raised inflation concerns worldwide.

In the days following the United States' military enlargement of NATO to Russia's borders and the pro-Western leaders' support in Kiev, Russian President Vladimir Putin has said a "special military operation" is necessary for ensuring the country's security.

There are 500 million tons of oil consumed per year in Europe, according to Russia. The Russian Federation supplies about 30% of that, or 150 million tonnes, as well as 80 million tons of petroleum products.

10 March 2022