Russian President Vladimir Putin has warned that Western countries’ attempts to phase out Russian gas imports will have a negative impact on their economies.

Speaking Thursday, Putin said European attempts to find alternatives to Russian gas shipments will be “quite painful for the initiators of such policies.”

He argued that “there is simply no reasonable replacement for it in Europe now.”

Putin noted that “supplies from other countries that could be sent to Europe, primarily from the United States, would cost consumers many times more.” He added it would “affect people’s standard of living and the competitiveness of the European economy.”

The European Union is dependent on Russia for 40% of its natural gas and 25% of its oil.