According to Putin, it is obvious that together with the transfer of energy resources to other regions of the world, Europe’s possibility of increasing its economic activity will be lost.

He warned that most of the European Union (EU) nations are determined to reject Russian supplies, without understanding the damage that such a decision will cause to their own economies, the official Kremlin website reported.

“The Europeans explicitly recognize that they still cannot completely give up Russian energy resources. Moreover, it is clear that some EU states, whose energy balance contains the particularly high proportion of Russian hydrocarbons, will not be able to do so for a long time,” he said.

The Russian head of State stressed that Europe imposes more and more sanctions on the oil and gas markets for absolutely political reasons, following its own ambitions and under US pressure, all of which leads to inflation.

In his opinion, rising energy prices can irreparably undermine the competitiveness of a large part of the European industry.

The rejection of Russian energy resources means that in the long term, Europe will become the region with the highest energy costs in the world, he predicted.

Putin pointed out that this failed EU policy is already affecting transport and industry in these countries and its consequences affect millions of European consumers.

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