MOSCOW, March 9. /TASS/. The West’s sanction policy against Russia may entail far-reaching consequences for the economies of Western nations, Russian Permanent Representative to the OSCE Alexander Lukashevich said on Wednesday.

"Clearly, the chaos at the stock, energy markets across the globe demonstrates that the West’s such policy may lead to far-reaching consequences for their own economies," he said, adding that the European and US leaders "seem to think little about their citizens."

The Russian diplomat stressed that the West has failed to find a substitution for Russian energy sources swiftly. "It is simply impossible to find a substitution for Russian gas quickly, and many leaders in Europe acknowledge it. Obviously, they will take efforts to find alternative sources but it is simply impossible to find what can substitute for Russian energy sources quickly in the near future," Lukashevich stressed.

In this context, the Russian diplomat noted that Russia can opt for other markets that would be glad to receive Russian energy sources. At the same time, he said that "hatred and the appetite for revenge for Russia’s special operation in Ukraine may deliver a serious blow on the economies of the countries that are brandishing the sanction baton." He said he is surprised at that positions of "European minors" that "have clean forgotten their dependence on Russian gas and are queuing to support this US-EU policy of stifling any possibility of energy cooperation with Russia. What looks most appauling to me is the absolutely irresponsible policy of these countries’ leaders," he noted.

On Tuesday, US President Joe Biden signed an executive order banning imports of Russian energy sources and new investments in the Russian energy sector. He said however that the United States understands that its European allies would not be able to join the ban on imports of Russian energy resources. UK Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng has announced his country’s decision to refuse from importing Russian oil and oil products by the end of 2022.

Russian President Vladimir Putin said in a televised address on February 24 that in response to a request by the heads of the Donbass republics he had made a decision to carry out a special military operation in order to protect people "who have been suffering from abuse and genocide by the Kiev regime for eight years." The Russian leader stressed that Moscow had no plans of occupying Ukrainian territories.

Following this step, the United States, the European Union, the United Kingdom and several other countries announced sanctions against Russia individuals and legal entities.