President Putin warned that the Western sanctions can cause catastrophic consequences for the global energy market.

Punishment measures against Russia will bring much greater losses to countries that impose them, Russian President Vladimir Putin said at a meeting with officials on July 8.

Continuing the use of sanctions can lead to more serious consequences, not even exaggerated when called catastrophic, in the world energy market, Putin said.

Russian President Vladimir Putin at the meeting on July 8.

After Russia launched a special military campaign to the demilitarized and non -fascist Ukraine on February 24, Western countries pressed a series of sanctions to put pressure on Moscow.

President Putin at the meeting on July 8 also welcomed other oil production countries to protest the Western request to increase production to compensate for shortage due to not importing goods from Russia, while preventing oil prices from increasing.

Europe is trying to replace the supply of energy from Russia, but can guess the consequences of this action.

Russia stopped supplying gas to Poland, Bulgaria, Finland, Sweden, Denmark and the Netherlands, after these countries refused to request payment in Ruble.

Russian gas transferred pipes for Europe.

The West is considering many measures to increase pressure on Russian oil, but this task is not easy when inflation rises.

India increased to buy cheap Russian crude oil when this energy brought great benefits of macroeconomics, despite the effort from the EU.