Russia says it is working on a comprehensive response to the sanctions that will be quickly felt in the most sensitive regions of the West.
Reuters – Russia warned the West on Wednesday that it was working on a comprehensive response to sanctions, which will be quickly felt in the West’s most sensitive regions.
The Russian economy is facing its most serious crisis since the fall of the Soviet Union in 1991, after the West imposed heavy sanctions on almost the entire Russian financial and corporate system after Moscow’s invasion of Ukraine.
“Russia’s reaction will be swift, measured and sensitive to whomever it addresses,” Dmitry Berishevsky, director of the Department of Economic Cooperation of the Foreign Ministry, was quoted by RIA as saying.
US President Joe Biden on Tuesday imposed an immediate ban on imports of Russian oil and other energy in response to the invasion. See more information
Russia warned earlier this week that oil prices could rise above $300 a barrel if the United States and the European Union ban Russian oil imports.
Russia says Europe consumes about 500 million tons of oil annually. Russia supplies about 30% of that, or 150 million tons, plus 80 million tons of petrochemicals.
Russian President Vladimir Putin said a “special military operation” was necessary to ensure Russia’s security after the United States expanded the NATO military alliance to Russia’s borders and backed pro-Western leaders in Kyiv.
Ukraine says it is fighting for its existence and the United States and its European and Asian allies have condemned the Russian invasion.
China, the world’s second-largest economy, has urged restraint, but President Xi Jinping has warned that sanctions will slow the global economy.
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