The sanctions of west against Russia are “creating” a global catastrophe, Russian President Vladimir Putin warned on Thursday.

The persistence of the West’s “obsession with sanctions,” according to Russian President Vladimir Putin, will undoubtedly result in the “most painful, intractable consequences” for the European Union and the world’s poorest countries.

Putin also stated that Russia is dealing with external issues brought on by Western sanctions, and that the country’s inflation is reducing.

Putin said, “Their authors, guided by short-sighted, inflated political ambitions, Russophobia, to a greater extent hit their own national interests, their own economies, the wellbeing of their citizens. We see this, first of all, in a sharp increase in inflation in Europe.”

He said, “The weekly increase in prices has already dropped to 0.1%, this is already close to the weekly growth rate that corresponds to the inflation target of the Bank of Russia.”