As EU member states advocate for an oil embargo, Vladimir Putin has warned that abandoning Russian energy might have “irreversible implications for a large sector of European industry.”

While such penalties are being held up due to Hungary’s concerns, Russia’s president used a televised meeting with local oil sector officials to say that if Europe abandons Russian energy supplies, it will face the “highest energy expenses in the world.”

Meanwhile, Moscow appeared to back down on its threats against Finland and Sweden joining Nato, with foreign minister Sergei Lavrov stating their bids would make “not much difference” because they’ve been taking part in the alliance’s military training for years.

Mr Putin made a similar statement on Monday, saying that Nato sending troops and military gear into Finland and Sweden – which both have denied – “would of course give rise to our response in response.”

It comes as a former Russian colonel admitted that Moscow has become internationally isolated as a result of its invasion of Ukraine.

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