Putin threatens to cut off energy supplies if West imposes price caps – National

Chairperson Vladimir Putin on Wednesday threatened to cut off energy supplies if price caps were imposed Russiaoil and gas exports, warning the West that it would be “frozen” like the wolf’s tail in a famous Russian fairy tale.

Supply cuts from Russia, the world’s second-largest oil exporter after Saudi Arabia and the world’s top natural gas exporter, will shake the global energy market, sending the world economy up face even higher energy prices.

Speaking at an economic forum in the Russian Pacific city of Vladivostok, Putin said European calls for a cap on Russian gas prices were “stupid” and would lead to global prices. higher demand and economic problems in Europe.

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The Group of Seven rich democracies (G7) announced plans to impose a price ceiling on Russian oil exports last week in a move that could also limit Russia’s ability to secure oil tankers. and insurance from countries outside the G7.

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Putin said that Russia will give up its supply contracts if the West goes ahead with its plans.

“Are there any political decisions that conflict with the contracts? Well, we won’t finish them. Mr. Putin said.

“We will not supply gas, oil, coal, heating oil – we will not provide anything,” Putin said.

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Russia’s supreme leader added some defiant spice from the rather famous Russian story “The Fox and the Wolf”.

“We have only one thing left to do: as in the famous Russian fairy tale, we will freeze the wolf’s tail,” Putin said.

Europe typically imports about 40% of its gas and 30% of its oil from Russia.

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Since ordering the February 24 military operation in Ukraine, Putin said that the United States and its allies have embarked on an economic war with Russia with the most severe sanctions in history. Modern history warns that they will face an energy crisis.

Since the conflict began, European Union customers have pledged to reduce their reliance on Russian energy while Russia cuts or shuts down supply on the three largest gas pipelines to the west. while oil supplies are diverted to the east.


Russian gas giant Gazprom GAZP.MM on Friday said the Nord Stream 1 pipeline, Europe’s main supply route, will be shut down due to a turbine at a compression station leaking engine oil, causing engine oil to leak. Wholesale gas prices skyrocketed.

Putin said that it is Germany and Western countries that are responsible for the failure of the Nord Stream 1 pipeline, and that Ukraine and Poland have decided on their own to cut off other gas routes to Europe.

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“Nord Steam 1 is practically closed now,” Putin said, calling on Germany to return a separate turbine to the pipeline’s Portovaya compressor station that would allow Russia to continue pumping gas.

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“There was an oil leak there – possibly an explosion, a fire hazard. Turbine not working. Give us a turbine and we’ll turn on Nord Stream 1 tomorrow. But they didn’t give us anything,” he said.

Russia said it needed “proper” paperwork before accepting delivery of the turbine after maintenance. Germany says the turbine is ready to be brought back.

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(Reporting by Vladimir Soldatkin; Writing by Jake Cordell; Editing by Guy Faulconbridge and Mark Potter)

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