Russian President Vladimir Putin at the Gas Exporting Countries Forum (GECF) spoke about the consequences of European Union sanctions. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
"Europe, by imposing sanctions against the Russian Federation, is striking a blow to its own economy," he stated.
According to Putin, sanctions are used as an instrument of unfair competition and ultimately lead to severe consequences for everyone, especially for those who impose them.
He noted that the spot price of gas has doubled recently.
According to the Russian president, by the middle of the 21st century, global demand for gas will grow to 5.5 trillion cubic meters per year, while international supplies will reach 1.7 trillion cubic meters.