Russian President Vladimir Putin warned European countries on Thursday that a move away from Russian oil imports would be “very painful.” “Efforts by Western countries to divert Russian suppliers, to replace our energy resources with alternative supplies, will inevitably affect the entire world economy,” Putin was quoted as saying by Russia’s state-run Tass news agency. “The consequences of such a step can be very painful – and first of all for the instigators of such a policy,” he said. Putin claimed that there were problems with the Russian oil and gas sector at the moment, especially that “unfriendly countries” were delaying payments for Russian oil imports, according to Tass. “There is no reasonable replacement for Europe now,” Putin said. “There are simply no free volumes on the market right now and supplies from other countries, especially the United States, that can be shipped to Europe will cost consumers many times more, affect people’s living standards and the competitiveness of the European economy.” . He noted that if Europe does not buy Russian oil and gas, it will destabilize the market and inflate prices in Russia. He called for market stabilization to stimulate domestic demand, Tass said. Translations by Oleksandr Vynogradov. This story is evolving. Check again for updates.