Russian President Vladimir Putin chairs a meeting with government members via a video link at the Kremlin in Moscow on July 8, 2022. AFP
"Sanctions restrictions on Russia will bring far bigger losses for the countries that impose them," Putin told a televised government meeting -- an argument he often uses.
"Continuing to use the politics of sanctions can lead to even more serious, without exaggeration -- catastrophic -- consequences on the world energy market."
Western countries have hit Moscow with a barrage of international sanctions since Putin launched his military campaign in Ukraine on February 24.
He welcomed that other oil-producing countries have resisted Western demands to increase their oil production to compensate for boycotted Russian oil and prevent a price hike.
"Europeans are trying to replace Russian energy resources, but the result of such actions is predictable: an increase in gas prices in the market and an increase in the cost of energy resources for end consumers, including households," Putin said.
Moscow has in recent weeks slashed its gas deliveries to European states still very dependent on Russian hydrocarbons despite recent efforts to wean themselves off Russian energy.