Russia's Putin: We see problems being created for oil & gas investments

Russian President Vladimir Putin said on Tuesday that Russia is seeing problems being created for oil investments, and accused the West of introducing new oil and gas sanctions for political reasons, reported Reuters. 

Some EU countries will not be able to completely ditch Russian oil, he continued, adding that Western sanctions and the possibility of an embargo have led to a rise in oil prices. Russian oil and gas revenues are on the rise, Putin noted, adding that the Russian state will help facilitate settlements in national currencies, as well as access to loans and insurance. 

Putin warned that energy inflation will hit transport, industry and European consumers and said that Europe will have the most expensive energy resources in the case of a Russian oil embargo. This will result in European economic activity subsiding, Putin noted, who added that we have to discuss additional measures to protect our national interest.