Vladimir Putin has dismissed the latest U.S. and EU oil sanctions as “unfriendly” but ineffective, declaring they will have “no significant impact” on Russia’s economy. Warning of a global price surge if Russian oil exits the market, Putin said the sanctions only damage the fragile U.S.-Russia relations recently revived under Trump. Calling the measures an “attempt to exert pressure,” he vowed that “no self-respecting nation will yield.” Putin also warned the U.S. itself would face the consequences of rising global energy prices.

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