MOSCOW, May 17 — Russian President Vladimir Putin today said the oil sector was undergoing a “tectonic change”, but claimed Europe would be committing “economic suicide” with its sanctions on Moscow over Ukraine.
He told an energy meeting that Europe would see higher energy prices and higher inflation as a result of its actions.After the Kremlin sent troops to Ukraine on February 24, the West has introduced unprecedented sanctions against Russia. Putin is hoping to redirect supplies to “friendly” countries as European nations look for ways to wean themselves off Russian energy.
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