Fuel markets in Europe are in turmoil and panic because of speculation over climate change and investment cuts, Russian President Vladimir Putin highlighted on Tuesday.

"You see what’s going on in Europe, the hysteria and that mess on the markets. Why? Simply because nobody takes it seriously. Some speculate on the issue of climate change, while someone else underestimates something, and yet another one starts cutting back investments in the extractive industries," President Putin said at a cabinet meeting.

The transition to de-carbonization of the economy must be smooth, the head of state said. "We, our country, have all the capabilities of avoiding such mistakes. We are witnessing the result of some unbalanced decisions, unbalanced development and dramatic ups and downs. The European energy market clearly demonstrates this," Putin noted./TASS

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