We are feeling sure of ourselves, but risks remain: Putin

Russia's President Vladimir Putin said on Friday that they feel confident in themselves, admitting that the risks were still remaining.

He said that the economic blitzkrieg against Russia has failed, but that it did some damage to the country.

Putin warned that continued use of sanctions against Russia could lead to catastrophic price rises on energy markets, hurting households across Europe.

"Yes, we know that the Europeans are trying to replace Russian energy resources," Putin said at a televised meeting with senior officials. "However, we expect the result of such actions to be an increase in gas prices on the spot market and an increase in the cost of energy resources for end consumers."

"All this once again shows that sanctions restrictions on Russia cause much more damage to those countries that impose them. Further use of sanctions may lead to even more severe, without exaggeration, even catastrophic consequences on the global energy market."

The moves to cut the reliance on Russian energy resulted in the rise in the gas prices in Europe, he said, adding that the transition to green energy has resulted in an increase also in the energy prices.

"Russian companies should be prepared for a possible oil embargo from Europe," he added.