Putin Warns of Protracted Period of Low Oil Prices

Russian President Vladimir Putin said that the country should brace itself for a possible protracted period of external restrictions and low prices for oil exported from Russia, media reports said.

Speaking at a Russian government meeting on Thursday, President Vladimir Putin warned of a possible protracted period of external restrictions and low prices for oil exported from Russia, RIA Novosti reported.

"We need to be prepared for the situation when the period of low oil prices, and possibly external restrictions may be delayed," Putin said.

He urged the government "to achieve results on the existing base", adding that the "current difficulties should give an impetus to improving the efficiency of the economy and social sphere."

On Monday, the European Union prolonged its economic sanctions against Russia for another six months until July 31, 2016.

Following the move, the United States extended its anti-Russian sanctions by targeting 34 individuals and entities on Tuesday.

Crimea and the turmoil in Ukraine, which escalated in 2014, caused a deterioration in relations between Moscow and Brussels, as well as Washington.

The same year, the European Union and the United States introduced several rounds of anti-Russian sanctions, accusing Moscow of interfering in the Ukrainian crisis, a claim Moscow has firmly denied.