Russian President Vladimir Putin has warned that attempts by Western countries to phase out imports of Russian gas will negatively impact their economies. Speaking on April 14, Putin said European attempts to find alternatives to Russian gas shipments would be quite painful for the initiators of such policies.
He argued that there is simply no reasonable replacement for it in Europe now. Putin noted that supplies from other countries that could be sent to Europe, mainly from the United States, would cost consumers much more. He added that this would affect people’s standard of living and the competitiveness of the European economy.
The European Union (EU) depends on Russia for 40% of its natural gas and 25% of its oil.