Russian President Vladimir Putin has warned that Western countries' attempts to phase out Russian gas imports will have a negative impact on their economies.
Speaking Thursday, Putin said European attempts to find alternatives to Russian gas shipments will be quite painful for the initiators of such policies.
He argued that there is simply no reasonable replacement for it in Europe now.
Putin noted that supplies from other countries that could be sent to Europe, primarily from the United States, would cost consumers many times more.
He added it would affect people's standard of living and the competitiveness of the European economy.
The European Union is dependent on Russia for 40% of its natural gas and 25% of its oil.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU