Europe to become world's most costly region for energy resources if rejects Russian gas, oil - Putin

This can irrevocably undermine the competitiveness of the industry of European countries.

“This, in the most serious way, according to some experts, can irreversibly undermine the competitiveness of a significant part of the industry of European countries, which is already losing competition to companies from other regions of the world. Obviously, along with Russian energy resources, Europe will lose the opportunity to increase the economic activity," the Russian President said.

Putin also noted the actual growth in revenues of the oil and gas sector of the Russian Federation and instructed to build a new vertical gas supply chain from the company to the consumer.