Mark Drakeford has said people in Wales will need to make sacrifices after Russia's illegal and unprovoked invasion of Ukraine.
Wales' First Minister warned that people in Wales would see a hit on both energy and food bills as a result of the war.
"[Given] the sanctions that we have placed on Russia, I think it will not be long before we see counter sanctions from Russia as well," he told The Central Club YouTube channel. "So you know, Russia supplies 40% of the gas used in Europe and already the sanctions are resulting in higher oil prices, higher gas prices, and will definitely lead to higher food prices. Russia produces a huge amount of the world's wheat. Those higher prices will be felt here in Wales and there'll be felt by families who are already struggling with the price rises we've seen already and other things that are in the pipeline.
"So when I said that there will be direct impact on us in Wales that's the sort of thing I mean, we will see in our own lives the impact of the war."
Read more: You can view more coverage of the war in Ukraine here
Mr Drakeford, who has called for Wales to become a nation of sanctuary and expressed a willingness to take many Ukrainian refugees into Wales, added that he had real concerns of Putin's future behavior if he isn't stood up to sufficiently now.
The First Minister added: "The reason I say that we've got to be prepared to put up with that is that if we don't do the things that we are doing now, the seriousness of the sanctions and so on, then I think the next time Putin thinks he could get away with something, it will be even more serious than what's up now. So you've got to be prepared to take action now, to safeguard the future."
The Welsh Labour leader went on to explain that he hoped that the sanctions imposed on Russia would have an impact in time.
"I think the sanctions that have been taken across the West will have a very real impact on Russia," he said. "The Russian economy is not one of the biggest economies in the world. It's got oil, it's got gas, and it's got minerals. So it's got some very important assets in that way. But it doesn't have an industrial base and a service base that other developed economies have.
"So I suppose the strategy of most Western countries is to hope that the pressures that that will put into the Russian system will result in a move to change the leadership at the top, where a different set of people will be there who will be more able to have negotiations and we'll be able to put right to what has happened in the Ukraine. But there's a lot of ifs in that. I think that must be what is behind the sanctions strategy."
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