Putin threatens ‘no gas, no oil’ to countries introducing price caps on Russian oil

Russian President Vladimir Putin on Wednesday (September 7) said that Russia will stop oil and gas supply to countries that introduce price caps. Western countries are considering to put a price cap on Russian energy products in order to cut its revenue stream. Putin told the Eastern Economic Forum that such a move “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.”

G7 industrialised powers on Friday 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.

Putin said Russia would 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.”

Quoting a Russian fairy tale “Freeze, freeze, the wolf tail”, Putin said that Russia would supply nothing outside of existing contracts.

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Russian squeeze on natural gas supply to Europe has begun showing its effect. Energy prices in Europe have gone up and governments are facing public anger.

“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.

(With inputs from agencies)

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