Russia warns West: ‘Sanctions against us will hurt you too’

Russia says it is working on a comprehensive response to the sanctions, which will be felt quickly by the West’s most vulnerable regions.
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Reuters – Russia warned the West on Wednesday that it was working on a comprehensive response to sanctions, which would be felt quickly in the West’s most vulnerable regions.

Russia’s economy is facing its most severe crisis since the fall of the Soviet Union in 1991, when the West imposed severe sanctions on nearly the entire Russian financial and corporate system following Moscow’s invasion of Ukraine.

“Russia’s response will be swift, thoughtful and sensitive,” said Dmitry Birichevsky, director of the Department of Economic Cooperation at the Ministry of Foreign Affairs, according to the RIA news agency.

US President Joe Biden on Tuesday imposed immediate sanctions on Russian oil and other energy imports in retaliation for the invasion. see more details

Russia warned earlier this week that oil prices could rise above $300 a barrel if the United States and the European Union imposed sanctions on Russian oil imports.

Russia says Europe consumes about 500 million tonnes of oil annually. Russia supplies about 30% of that, or 150 million tons, as well as 80 million tons of petrochemicals.

Russian President Vladimir Putin said a “special military operation” was necessary to ensure Russian security as the United States expanded NATO’s military alliance to Russia’s borders and supported 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 world economy.

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