• Putin on Thursday warned Europe that ditching Russian oil imports would be "very painful." 
• He also accused "unfriendly countries" of delaying payments for oil and gas purchases. 
• Putin said trying to replace Russia's oil supply "will inevitably affect the entire global economy."

Russian President Vladimir Putin on Thursday warned European countries that switching away from Russian oil imports would be "very painful." 

"Attempts by Western countries to squeeze out Russian suppliers, to replace our energy resources with alternative supplies will inevitably affect the entire global economy," Putin said, according to Russian state media Tass.

"The consequences of such a step can be very painful — and first of all for the initiators of such a policy," he said. 

Putin claimed there are issues with the Russian oil and gas sectors currently, notably that "unfriendly countries" are delaying payments for Russian oil imports, according to Tass. 

"There is simply no reasonable replacement for Europe now," Putin said. "There are simply no free volumes on the market now, and supplies from other countries, primarily the United States, which can be sent to Europe, will cost consumers many times more expensive, will affect the standard of living of people and the competitiveness of the European economy."

He noted that if Europe does not buy Russian oil and gas, it destabilizes the market and inflates prices in Russia. He called for stabilization of the market to stimulate domestic demand, Tass reported. 

Translations by Oleksandr Vynogradov.

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