Russian President Vladimir Putin on Tuesday stated the oil zone changed into the present process a “tectonic alternate”, however, claimed Europe might be committing “monetary suicide” with its sanctions on Moscow over Ukraine.

By searching to section out Russian strength resources, Europe will simplest harm itself, Putin stated, urging country officers to apply “ill-thought-out” actions by way of the West to the U.S’s benefit.

He told an energy meeting that Europe would see higher energy prices and higher inflation as a result of its actions.

“Of course, such an economic suicide is a domestic affair of the European countries,” Putin said.

After the Kremlin sent troops to Ukraine on February 24, the West introduced unprecedented sanctions against Russia.

Western countries have displayed close coordination in their announcements of penalties, but have not moved at the same pace when it comes to Russian oil and gas.

Putin is hoping to redirect supplies to “friendly” countries as European nations look for ways to wean themselves off Russian energy.

Putin said Europe’s “chaotic actions” are not only damaging its own economy but also leading to an increase in revenues from oil and gas for Russia.

“Changes in the oil market are tectonic in nature and doing business as usual, according to the old model, seems unlikely,” he said.

“In the new conditions, it is important not only to extract oil but also to build the entire vertical chain leading to the final consumer,” he added.

Putin said the authorities will assist companies in alternating their commercial enterprise model.

The Kremlin leader said the nation could help enhance logistics in addition to the deep processing of hydrocarbons and make certain bills in national currencies.