Vladimir Putin’s threats over Ukraine could backfire to damage the Russian economy, the head of the International Energy Agency has warned, as any escalation of the current tension would cause a “seismic” upheaval of the EU energy market that would have “more consequences for Russia” than for Europe.
Fatih Birol, the executive director of the global energy watchdog, said that if Russia reduced gas supplies further it would prompt European countries to seek urgently to shift away from Russian gas, which would hurt Putin economically.
