EU’s policy on gas prices ‘madness’: Putin

ISTANBUL/MOSCOW (AA) – Russian President Vladimir Putin has called the European Union’s policy on gas prices “madness” and rejected all claims against Moscow on the matter.

At a meeting of the country’s Council for Strategic Development and National Projects on Thursday, Putin accused Western countries of declaring an “economic war” on Russia.

“The collective West has descended on us with an economic war,” he said, noting that Western countries were wrong in their calculation that the Russian economy would collapse as a result.

He said Russia was facing “unprecedented” aggression in the form of sanctions that aim to swiftly crush the country’s economy by provoking a collapse of the Russian currency, the ruble, “through theft of foreign exchange reserves” and by triggering “destructive inflation.”

Putin added that Moscow intends to reorient its energy supplies to new fast-growing markets such as Asia, the Middle East, Latin America and Africa.

He also specified the East as a focal point for the reorientation of Russian gas, which he said would expand to 88 billion cubic meters by 2030.

Putin also said that despite the sanctions, exports of Russia’s main goods to the EU increased 1.5 times in the first nine months of the year as well as its total exports by 42%.

“The trade surplus is also in our favor at the level of $138 billion,” he said.

“Europe is holding back exports while continuing to consume our goods and services. Such an imbalance cannot continue forever,” he added.