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Sanctions ‘ll disrupt global food, energy markets – Putin
Russian President Vladimir Putin warned Thursday that Western penalties against Moscow for its military incursion in Ukraine would destabilise the global energy and food markets and vowed the country would emerge stronger from the crisis.
Putin’s “special military operation” in Ukraine that began on February 24 has triggered unprecedented Western sanctions and sparked an exodus of international corporations from Russia.
Putin on Thursday however downplayed the massive sanctions, saying Moscow will find a way to “adapt”.
Speaking at a televised government meeting on the 15th day of Moscow’s advance into Ukraine, Putin said that Western sanctions on Moscow had begun to hurt the United States and Europe.
“Their prices are rising, but that’s not our fault. It’s the result of their own miscalculations. There’s no need to blame us,” Putin said.
While the 69-year-old Kremlin chief said Moscow was continuing to export oil and gas, including through conflict-torn Ukraine, he blamed the West for sky-rocketing energy prices.
“They are telling their citizens to tighten their belts, to dress warmer,” Putin said.
He stressed that Russia was “respecting all of our obligations in terms of energy supplies.”
Putin scoffed at Washington for what he said were their efforts to sign energy contracts with Western adversaries Iran and Venezuela.
He also warned that the Western penalties could send global food prices soaring, as Russia was one of the world’s main producers of fertiliser.
“If they continue to create problems for the financing and logistics of the delivery of our (fertiliser) goods, then prices will rise and this will affect the final product, food products,” he said.
European wholesale gas and crude oil have rocketed to record, or near-record prices this week due to supply fears linked to Putin’s decision to pour tens ot thousands of troops into Ukraine on February 24.
The United States and Britain announced this week they were cutting off Russian energy imports in response to what the Kremlin has termed Moscow’s “special military operation,” triggering another surge in prices.
‘We’ll adapt’
The Russian leader also sought to calm Russians amid fears of shortages of food and medicines.
He acknowledged that Russians may be worried about an interruption of supplies but claimed there was nothing the Kremlin could not solve.
“It is clear that in such moments people’s demands for certain categories of goods always increase, but we have no doubt that we will solve these problems in due course in a calm way and gradually people will find their way,” Putin said.
He said he believed Russians would “understand that there are no events that we cannot solve, they simply do not exist.”
He argued that the current crisis would make the country stronger.
“At the end of the day, all of this will lead to the increase of our independence, autonomy and sovereignty,” Putin said.
Putin, a former KGB officer, said that Moscow’s Soviet experience will help Russians adapt, claiming that Russia has “always” lived under sanctions.
“We will get through this period,” he said, calling for the country to “adapt to the new situation.”
Putin also said that the remaining foreign investors in the country should be “protected”.
“The rights of those foreign investors and colleagues that are staying in Russia and working in Russia, should be reliably protected,” he told his ministers.
Putin launched the Ukraine incursion despite weeks of Western leaders warning him of unprecedented sanctions that would ruin the Russian economy if he did so.
The Kwara State Police Command has confirmed the death of a 35-year-old man, Jimoh Abdulquadri, who passed away in police custody in the early hours of Friday.
Abdulquadri, who was arrested on December 19, 2024, reportedly died under controversial circumstances, with his family accusing police operatives of subjecting him to brutal treatment during his detention. Reports indicate that the deceased had been detained over an alleged debt of N220,000 owed to an individual identified as Peter.
In response to the incident, the Inspector-General of Police (IGP), Kayode Adeolu Egbetokun, has directed the Force Criminal Investigations Department (FCID) to immediately take over the case. A statement issued by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, revealed that the IGP also visited Kwara State to meet with the bereaved family.
During the visit, the IGP was received by the Balogun Fulani of Ilorin, Alhaji Sadiq Atiku Fulani, who represented the family. The IGP expressed his condolences and assured them of a thorough investigation.
“The IGP expressed his profound condolences and assured the family that no stone would be left unturned in uncovering the circumstances that led to the tragic incident. He has ordered the FCID to handle the case with utmost diligence and ensure a conclusive and impartial investigation,” the statement read.
The IGP reiterated the Nigeria Police Force’s commitment to upholding accountability, professionalism, and respect for human rights. He further called on all stakeholders to remain calm and allow the due process of law to take its course.
The Federal Government has officially lifted the five-year ban on mining activities in Zamfara State, citing improved security and the potential for economic growth in the mineral-rich region.
The announcement was made on Sunday by the Minister of Solid Minerals Development, Dele Alake, through his representative, Segun Tomori, during a press briefing in Abuja.
“The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state,” the minister said in a statement.
Security Gains and Economic Promise
The ban, imposed in 2019 due to escalating insecurity and illegal mining, was described by Alake as a necessary but temporary measure to protect lives and resources. However, he noted that the ban inadvertently created a vacuum exploited by illegal miners, leading to resource plundering.
Alake praised recent security advancements under the Tinubu administration, highlighting the neutralization of notorious bandit commanders and other strategic wins, including the capture of Halilu Sububu, one of the state’s most wanted criminals.
“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity,” Alake said.
He added that with the restoration of mining activities, Zamfara’s mineral wealth—ranging from gold and lithium to copper—could now be harnessed under strict regulation to contribute significantly to national revenue.
Boosting Regulation and Combating Illegal Mining
The minister emphasized that lifting the ban would pave the way for better regulation and monitoring of mining activities. This, he said, would enable authorities to tackle illegal mining more effectively and ensure Nigeria benefits fully from Zamfara’s mineral resources.
“By reopening this sector, we are prioritizing not only revenue generation but also intelligence gathering to curb illegal mining,” he said.
Addressing Controversies
Alake also addressed concerns surrounding Nigeria’s recent Memorandum of Understanding (MOU) with France, which had sparked controversy. He clarified that the agreement focused solely on capacity building and technical support for the mining sector.
“The high point of the MOU is on training and capacity building for our mining professionals. Similar agreements have been signed with Germany and Australia. Misinformation about ceding control over our mineral resources is uncalled for,” Alake said.
Press as Partners in Progress
Commending the media for their role in promoting reforms in the mining sector, Alake urged continued collaboration to drive transparency and attract foreign investments.
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports suggesting that the recently resuscitated old Port Harcourt refinery has been shut down, labeling such claims as baseless and misleading.
In a statement issued in Abuja on Saturday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, clarified that the refinery, with a capacity of 60,000 barrels per day, is “fully operational.”
The facility resumed operations two months ago after years of inactivity.
“We wish to clarify that such reports are totally false, as the refinery is fully operational, as verified a few days ago by former Group Managing Directors of NNPC,” Soneye said.
He added that preparations for the day’s loading operation are currently underway, emphasizing that the public should disregard the claims.
“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip off Nigerians,” Soneye stated.
The old Port Harcourt refinery is part of the country’s efforts to revive its local refining capacity. Three years ago, the Federal Government approved $1.5 billion to rehabilitate the plant, which was initially shut down in 2019 due to operational challenges.
Despite being one of the largest oil producers globally, Nigeria has long relied on fuel imports to meet its domestic needs, swapping crude oil for petrol and other refined products. This dependency, coupled with government subsidies, has strained the nation’s foreign exchange reserves.
The recent return of the Port Harcourt refinery to operation follows the commissioning of the Dangote refinery, which began petrol production in September 2024. These developments are expected to reduce Nigeria’s reliance on imports and address long-standing issues in the petroleum sector.
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