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Russia warned the West on Wednesday that it was planning a broad response to sanctions that would be immediate and felt in the West’s most sensitive areas.
Russia’s economy is in the grip of its worst crisis since the Soviet Union’s demise in 1991, after the West imposed crippling sanctions on almost the entire Russian financial and corporate system in response to Moscow’s invasion of Ukraine.
“Russia’s response will be swift, thoughtful, and sensitive to those it addresses,” Dmitry Birichevsky, board member of the foreign authority’s department for economic cooperation, was quoted as saying by the RIA news agency.
In retaliation for the invasion, US President Joe Biden imposed an immediate ban on Russian oil and other energy imports on Tuesday.
Russia warned earlier this week that if the United States and the European Union banned Russian crude imports, oil prices could skyrocket to more than $300 per barrel.
According to Russia, Europe consumes approximately 500 million tonnes of oil per year. Russia provides roughly 30% of that, or 150 million tonnes, as well as 80 million tonnes of petrochemicals.
Russian President Vladimir Putin says the “special military operation” is necessary to ensure Russian security after the US expanded NATO’s military alliance to Russia’s borders and supported pro-Western leaders in Kyiv.
Ukraine claims to be fighting for its survival, and the US and its European and Asian allies have condemned Russia’s invasion.
China, the world’s second-largest economy, has urged restraint, but President Xi Jinping has warned that sanctions will slow the global economy.
