RUSSIA – UKRAINE CRISIS: PUTIN SAYS SANCTIONS WILL DISRUPT FOOD, ENERGY MARKETS

Russian President Vladimir Putin has warned that the Western sanctions on Moscow could send global food prices soaring citing that Russia was one of the world's main producers of fertiliser, which is essential to global supply chains.

Russia declared war on Ukraine on February 24. This decision is strongly opposed by the United States, France, Germany and the United Kingdom. In addition, these countries have imposed severe sanctions on Russia. Due to this, the price of food and medicine in Russia is soaring.

Putin has warned that Russia will recover from this dire situation and that the world will face worse losses.

Warning

Putin had previously warned that countries interfering in the Ukraine-Russia affair would face dire consequences. However, Western nations imposed sanctions on Russia. Moreover, they are freezing Russian banks in their countries and freezing the assets of Russian businessmen. This has greatly affected the international market.

Come back

Speaking to reporters yesterday, Putin said, "The prices of essential commodities, including food, are rising, but it is not our fault. It is the result of their miscalculation. There is no need to blame us."

While the 69-year-old Kremlin chief said Moscow was continuing to export oil and gas, including through conflict-torn Ukraine, he blamed the West for sky-rocketing energy prices.

Putin warns that Russia is producing more fertilizer globally and that the current sanctions could lead to a global food crisis.

"We know this situation has created a crisis for the basic needs of the people, but we will gradually find solutions to them. Nothing is impossible for the Russians," Putin said.

Putin's announcement comes as the world imposes sanctions on Russia.