Ukraine war: Putin says western sanctions would destabilise global energy, food markets

By Team Newsable | First Published Mar 11, 2022, 9:11 AM IST

"Their prices are rising, but it is not our responsibility; it is the product of their own miscalculations; there is no need to blame us," Putin added.

Russian President Vladimir Putin warned on Thursday that Western sanctions imposed on Moscow for its military intervention in Ukraine would destabilise global energy and food markets, but maintained that Russia would emerge stronger from the crisis.

Putin's "special military operation" in Ukraine, which began on February 24, has resulted in unprecedented Western sanctions and a flight of international firms from Russia.

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Putin, on the other hand, downplayed the heavy sanctions on Thursday, saying Moscow will "adjust." On the 15th day of Moscow's march into Ukraine, Putin stated that Western sanctions against Moscow had begun to impact the US and Europe in a televised cabinet meeting.

"Their prices are rising, but it is not our responsibility; it is the product of their own miscalculations; there is no need to blame us," Putin added. While the 69-year-old Kremlin boss stated that Moscow would continue to export oil and gas, including through conflict-torn Ukraine, he blamed rising energy costs on the West. "They're instructing their people to tighten their belts and wear warmer," Putin stated.

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He emphasised that Russia "respects all of our responsibilities in terms of energy supplies." Putin mocked Washington for its efforts to secure energy contracts with Western foes Iran and Venezuela. He also warned that Western sanctions might cause global food prices to skyrocket, as Russia is one of the world's largest manufacturers of fertiliser.

"If they continue to cause issues with funding and logistics of delivery of our (fertiliser) items, costs will climb, affecting the ultimate product, food products," he stated. Due to supply concerns connected to Putin's plan to send tens of thousands of troops into Ukraine on February 24, European wholesale gas and crude oil prices have surged to record or near-record levels this week.

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This week, the United States and Britain announced that they would cut off Russian energy supplies in reaction to what the Kremlin has described as a "special military operation," causing prices to rise again. The Russian president also attempted to assuage Russians' food and medication shortages. He recognised that Russians might be concerned about a disruption in supply, but he argued that there was nothing the Kremlin couldn't fix.

He believed that the current turmoil would strengthen the country. "At the end of the day," Putin stated, "all of this will lead to an increase in our independence, autonomy, and sovereignty."
A former KGB officer, Putin stated that Moscow's Soviet experience will benefit Russians in their adaptation, arguing that Russia has "always" lived under sanctions.

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