In response to the wide range of sanctions being imposed on Russia, Moscow on Wednesday said that it was working on devising a broad response to the sanctions, which would be felt in the most sensitive areas of the West.
“Russia’s reaction will be swift, thoughtful and sensitive for those it addresses,” Dmitry Birichevsky, the director of the foreign ministry’s department for economic cooperation, was quoted as saying.
Russia’s economy is reeling in the wake of the wide sets of sanctions imposed by the West and its eastern allies to isolate the Kremlin on the global front.
The ruble has also lost almost 30% of its value as it is trading at around 134 to the US dollar.
U.S. President Joe Biden on Tuesday had also imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion.
Retaliating to the embargo on Russian oil import, Russia had warned that oil prices could shoot up to over $300 per barrel if the United States and European Union banned imports of crude from Russia.
Russia had also threatened that it might consider shutting gas supply to Europe as more than 40% of the latter’s gas comes from Russia.
