Russia warned the West on Wednesday that it was planning a wide reaction to sanctions that would be rapid and felt in the most sensitive sectors of the West.
The United States and the European Union have imposed sanctions on Russia, which have harmed its economy.
“Russia’s reply will be rapid, smart, and sensitive for those it addresses,” Dmitry Birichevsky, the head of the foreign ministry’s department for economic cooperation, was cited as saying. According to the RIA news agency.
Russian-Ukraine War: US Bans Importation Of Oil, Gas From Russia, China Reacts
In reaction for Russia’s invasion of Ukraine, US President Joe Biden placed an immediate ban on Russian oil and other energy imports on Tuesday.
Russia had also warned that oil prices could shoot up to over 300 dollars per barrel if the United States and European Union banned imports of crude from its country.
It said Europe consumes about 500 million tonnes of oil a year.
Russia supplies around 30 per cent of that, or 150 million tonnes, as well as 80 million tonnes of petrochemicals.
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