But Putin also said he hoped diplomatic initiatives would proceed. The comments were his first public pronouncements since the New Year.

Azerbaijan’s Energy Ministry welcomed the decision and is now scheduled to produce 675,000 bpd in March.

Stable gas supplies remain at the top of the agenda – gas prices have soared past $1,000-$1,300 per thousand cubic metres and oil futures now top $93 a barrel.

U.S. President Joe Biden said last week just such an invasion was “a distinct possibility” sometime in February. NATO and Washington have rejected Moscow’s demands outright but have offered further talks on issues such as disarmament pacts and establishing rules for staging military exercises.