Russian President Vladimir Putin he said on Tuesday that Russia is seeing problems creating problems for oil investments, and accused the West of introducing new sanctions on oil and gas for political reasons, Reuters reported.
He went on to say that Western sanctions and the possibility of an embargo have caused oil prices to rise. Russian oil and gas revenues are increasing, Putin noted, adding that the Russian state will help facilitate settlements in national currencies, as well as access to loans and insurance.
Putin warned that energy inflation will affect European transport, industry and consumers, saying that Europe will have the most expensive energy resources in the event of an embargo on Russian oil. This will cause European economic activity to slow down, Putin said, adding that additional measures need to be discussed to protect our national interest.
Source: Fx Street
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