Putin warns sanctions on Russia “catastrophic” for global energy market, European households

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Russian President Vladimir Putin warned on Friday that continued sanctions against Russia could lead to “catastrophic” energy price rises for European households, claiming that sanction restrictions cause more damage to imposing countries than on Russia.

“Further use of sanctions may lead to even more severe — without exaggeration, even catastrophic — consequences on the global energy market," Putin said at a televised meeting with senior officials.

"I see certain colleagues [thinking]... we do not give a damn about those sanctions, to hell with them,” he added, urging caution from the Russian side as well. “Yes, we must feel confident, but we must recognize the risks, too."

Europe has historically relied on Russia for around 40 per cent of its natural gas, with most of it delivered through pipelines. European gas prices soared in 2021 as supply failed to keep pace with demand driven by a recovery from the coronavirus pandemic, and leaping again since Russia sent troops into Ukraine.