Moscow, Apr 14 (AP) Russian President Vladimir Putin has warned that Western countries' attempts to phase out Russian gas imports will have a negative impact on their economies.

Speaking Thursday, Putin said European attempts to find alternatives to Russian gas shipments will be “quite painful for the initiators of such policies.”

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He argued that “there is simply no reasonable replacement for it in Europe now.”

Putin noted that “supplies from other countries that could be sent to Europe, primarily from the United States, would cost consumers many times more.”

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He added it would “affect people's standard of living and the competitiveness of the European economy.”

The European Union is dependent on Russia for 40% of its natural gas and 25% of its oil. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)