Vladimir Putin has admitted for the first time that he is prepared for his country to face a "catastrophic" slump in oil prices, as David Cameron said Europe would have no choice but to step up sanctions if the Russian president did not abide by previous agreements to respect Ukraine's independence.
Russia's War Against Ukraine
The Guardian: Putin says Russia prepared for oil price collapse as more sanctions threatened
A logo of the Russian Transneft oil transporting joint stock company is pictured at the entrance of the management company in Moscow, on Jan. 8, 2006.
