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Ukraine crisis: Russia working on broad response against West's crippling sanctions

Ukraine crisis: Russia working on broad response against Wests crippling sanctions

London: Russia on Wednesday warned the west that it was working on a broad response to sanctions that would be swift and felt in the West's most sensitive areas.

The latest development comes after the West imposed crippling sanctions on almost entire Russian financial and corporate system following Moscow's invasion of Ukraine.

Following the sanctions, Russia's economy is facing the gravest crisis since the 1991 fall of the Soviet Union.

As per Dmitry Birichevsky, the director of the foreign ministry's department for economic cooperation, Russia's reaction will be swift, thoughtful and sensitive for those it addresses.

U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion.

A top Russian official has warned that a Western ban on Russian oil imports could cause oil prices to more than double to around $300 per barrel, forcing the closure of Russia's main gas pipeline to Germany.

Russian Deputy Prime Minister Alexander Novak said on state television on Monday that it was "clearly apparent that a rejection of Russian oil would lead to disastrous consequences for the world economy." "The price increase would be unpredictability," he added. "It would be at least $300 per barrel."

Russia says Europe consumes about 500 million tonnes of oil a year. Russia supplies around 30% of that, or 150 million tonnes, as well as 80 million tonnes of petrochemicals.

Russian President Vladimir Putin says the "special military operation" is essential to ensure Russian security after the United States enlarged the NATO military alliance to Russia's borders and supported pro-Western leaders in Kyiv.

Ukraine says it is fighting for its existence and the United States and its European and Asian allies have condemned the Russian invasion.

China, the world's second-largest economy, has called for restraint but President Xi Jinping has cautioned that sanctions will slow down the world economy.

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TAGS:Ukraine russia war
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