President Vladimir Putin has declared that Russia will put a stop to delivering oil and gas supplies to every European country that is caught introducing price caps to their gas.
Speaking to the Eastern Economic Forum in the Pacific port city of Vladivostok yesterday, Putin said that capping prices, as some Western countries are considering, ‘would be an absolutely stupid decision,’.
‘We will not supply anything at all if it is contrary to our interests, in this case economic (interests),’ he said. ‘No gas, no oil, no coal, no fuel oil, nothing.’
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Putin also went on to assert that Russia would do its bestto respect its contractual obligations and hoped other countries would do the same.
‘Those who are trying to impose something on us are in no position today to dictate their will,’ Putin said.
‘They should come to their senses.’
Pointing to rising energy prices in Europe ahead of winter, Putin maintained that Russia would supply nothing outside of existing contracts, quoting a Russian fairy tale: ‘Freeze, freeze, the wolf tail’.
‘They have several solutions. Either subsidising high prices, which is bad because it won’t change consumer behaviour… or reduce consumption,’ he said.
‘From an economic point of view, it is correct. From a social point of view it is dangerous, it can lead to an explosion. It is better to adhere to contractual obligations, to civilised rules,’ Putin said.
Africa Today News, New York recalls that last Friday G7 industrialised powers vowed to move urgently towards implementing a price cap on Russian oil imports, in a bid to cut off a major source of funding for Moscow’s military action in Ukraine.