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.
Russia has been hit with sanctions from the United States and European Union, which has affected its economy.
Dmitry Birichevsky, the director of the foreign ministry’s department for economic cooperation, was quoted as saying “Russia’s reaction will be swift, thoughtful and sensitive for those it addresses.” RIA news agency reports.
Recall that Joe Biden, United States President, on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine.
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.