Anti-Russian sanctions inflict more damage on those imposing them than on Moscow, Russian President Vladimir Putin stated on Friday.
During his remarks at the government meeting, Putin acknowledged that sanctions damage Russia’s economy and many risks still remain. However, he highlighted that the West suffers more from the same sanctions it pushed forward.
"We know that Europeans are trying to replace Russian energy resources, but the result of such actions is predictably an increase in gas prices in on-the-spot markets and an increase in the cost of energy resources for consumers, including households," Putin said.
The West's attempts to force other countries to boost oil production may not fix the situation in the short term, the Russian president continued.
"You can't fix the mistakes that have already been made in just two days," he noted. "Further use of the sanctions policy may lead to even more severe, without exaggeration - even catastrophic - consequences on the global energy market."
Putin underlined that he had repeatedly warned his foreign colleagues about the consequences of imposing sanctions, particularly when it comes to the energy market. However, his warnings "fell on deaf ears".
While acknowledging the damage sanctions have caused on the Russian economy, the Russian president said that the measures taken by the country's Central Bank and government helped the nation withstand the restrictions.
"The so-called economic blitzkrieg that our detractors have planned for us has failed," Putin concluded.
In order to properly tackle the current challenges, Russian energy companies should boost efforts to diversify exports towards the markets in the east and the south, he said.
Sanctions against Russia were imposed in late February, shortly after Moscow launched its military operation in Ukraine. While the Kremlin said that the goal was to "demilitarize and de-Nazify" the neighboring country, western countries deemed it an invasion and sanctioned Russia's economy, businesses, media outlets, sports, and culture.
In the wake of anti-Russian sanctions, inflation has skyrocketed in many western countries, driving energy prices to record numbers. Last month, US inflation hit 8.6%, with the Eurozone reporting 8.1%, the UK eclipsing 9%, and Canada 7.7%.