Russia warned the West on Wednesday that it was planning a wide response to sanctions that would be rapid and felt in the West’s most sensitive areas.
WITHIN NIGERIA reports that sanctions imposed by the United States and the European Union have harmed Russia’s economy.
“Russia’s reaction will be swift, thoughtful and sensitive for those it addresses,” said Dmitry Birichevsky, director of the foreign ministry’s section for economic cooperation. According to the RIA news agency.
In reaction for the invasion of Ukraine, US President Joe Biden placed an immediate ban on Russian oil and other energy imports on Tuesday.
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.