Putin Vows Europe Will Pay The Price For Placing Embargo On Russian Oil

Date: 17-05-2022 8:40 pm (1 month ago) | Author: Olusanya Akinrinola
- at 17-05-2022 08:40 PM (1 month ago)

Russia's President, Vladimir Putin has warned Europe that the continent will pay a high price for energy if the West imposes an embargo on Russian oil.
EU members are negotiating a proposed oil embargo on Russia over Ukraine, but talks failed this week because of a veto from Hungary, which is heavily dependent on Russian oil imports.
Putin said talk of a possible embargo had already prompted a rise in global oil prices.
Speaking with Russian oil chiefs and government officials, in a televised address on Tuesday, May 17, about the impact of Western sanctions on the energy industry, Putin claimed the sanctions, which were introduced following Russia's invasion of Ukraine on February 24, had been established by the West for political reasons.
But he concluded it would be impossible for some European countries, which are heavily reliant on energy from Russia, to completely shun Russian oil.
“Of course, such an economic suicide is a domestic affair of the European countries,” Putin said.
"Obviously, some EU states, in whose energy balance the share of Russian hydrocarbons is especially high, will not be able to do this for a long time, to ditch our oil," Putin said.
'Europe will pay the price' .
He said that by abandoning Russian energy supplies, Europe risked paying the most expensive energy prices in the world long-term, while the competitiveness of its industry would be undermined.
"There are tectonic changes on the oil market, and making business as it had been done before, in line with the old model, looks unlikely," Putin said, adding that it was important to set up a complete chain from producer to end-buyer.
"In the new conditions, it is important not only to extract oil, but also to build the entire vertical chain leading to the final consumer'

Posted: at 17-05-2022 08:40 PM (1 month ago) | Hero
- gogoman at 17-05-2022 09:26 PM (1 month ago)
Online (m)
Do it putin
Posted: at 17-05-2022 09:26 PM (1 month ago) | Addicted Hero


  1. With Introduction of BVAS, Nobody Can Rig Elections In Nigeria Again – INEC Commissioner, Ajayi

  2. We Contributed Money To Buy This Car - Young Men Tells Nigerian Police Who Stopped Them (VIDEO)

  3. Peter Obi Must Agree To Be Kwankwaso’s Deputy As Condition For Coalition - NNPP (VIDEO)

  4. Tems Sends Emotional Message to Tiwa Savage, Simi, And Other Female Artistes After Winning BET

  5. DPO Kidnapped By Bandits While On His Way To Resume His New Posting in Kaduna

  6. Lady Teaches Chance The Rapper And Other American Celebrities How To Speak Pidgin (VIDEO)

  7. Court Dismisses Nnamdi Kanu’s Fresh Bail Application

  1. This Is What Tinubu’s Alleged School Mate, Femi Aribisala Says On Reports Of His Certificates

  2. Again Bola Tinubu Real Name Exposed As Yekini Amoda Ogunlere From Iragbiji Osun State

  3. Over 17 Youngsters Reportedly Found Dead Inside A Nightclub In East London, South Africa

  4. “My Husband Squeezes My Br3ast Hard & Demands For Sex” – Zainab Buhari Begs Court For Divorce

  5. What Peter Obi's Group Said About Tinubu’s Certificate Saga

  6. "Toto" Trends In Ghana As Jackie Appiah Unveils Her Super Mega Mansion (Photos)

  7. "Choosing Atiku As My Vice President IN 1999 Was My Biggest Mistake" - Obasanjo

  8. Moment Daughter Catches Her Mother In Bed With Her Baby Daddy At Her Apartment (Video)

  9. Togolese Tiktok Star, Bhadie Kelly Breaks Silence Following Leaked Bedroom Video

  10. "Senator Ike Ekweremadu Promised To Help Me Get a Job In UK" - David Ukpo