Putin urged Russian energy companies to be ready for an oil embargo

1. Russian companies should be ready for an oil embargo in the new European Union sanctions package. This was stated by the President of the Russian Federation Vladimir Putin at a meeting with members of the government.

“The other day, as you know, the European Union introduced another sanctions package against Russia with an oil embargo. Domestic companies should be ready for this decision. We spoke about the prospects for such restrictions before at the last meeting on the fuel and energy complex,” Vladimir Putin said.
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2. European countries are attempting to substitute Russian energy resources, but it will lead to price growth, Russian President Vladimir Putin said on Friday at the Cabinet meeting.

"Europeans are attempting to substitute Russian energy resources, but the outcome of such actions is expectable - this is the gas price increase on the spot market and the increase in cost of energy resources for end users, including households," Putin said.

"This shows that sanction restrictions against Russia are much more harmful for countries introducing them," the head of state said. "Further use of the sanction policy may lead to even more severe, even catastrophic consequences on the global energy market," Putin added.