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Russia to look into alternative energy markets after Western sanctions

Russia is facing a barrage of unprecedented sanctions, including embargoes on its energy exports in the wake of its military operation in neighbouring Ukraine.

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President Vladimir Puttin says that anti-Russian sanctions have come back to bite the countries that imposed them.

Moscow will be looking into alternative markets for its energy exports after Western capitals sanctioned Russia over its military operation in Ukraine, President Vladimir Putin has said.

"We have all the resources and opportunities to quickly find alternative solutions," Putin said on Wednesday during a televised government meeting on the development of the Russian Arctic.

"As for Russian oil, gas and coal – we can increase their consumption on the domestic market ... and also increase the supply of energy resources to other parts of the world, where they are really needed," he added.

Putin stressed that Russia has the resources and potential to cope with any problems it faces, adding that anti-Russian sanctions have come back to bite the countries that imposed them.

"Prices are rising everywhere, and inflation is simply going through the roof – for these countries it is absolutely unprecedented," the Russian president said.

"The refusal of normal cooperation by a number of Western countries, ... has already impacted millions of Europeans, provoked a real energy crisis, and has affected the United States,” he added.

Sanctions against Moscow

Since Moscow's troops moved into its pro-Western neighbour on February 24, Russia has faced a barrage of unprecedented sanctions, including embargoes on its energy exports.

As part of its sanctions on Russia, the United States banned the import of Russian oil and gas, while the European Union and Japan banned the import of Russian coal.

The EU, which receives 40 percent of its gas supplies from Russia, has resisted calls to turn off the taps immediately but is seeking to gradually wean itself off deliveries from Moscow.

Germany has also scrapped the controversial Nord Stream 2 pipeline that was set to increase Russian gas supplies to the European Union.