Putin warns West will 'keep freezing' if price caps imposed
Sept 7, 2022 22:10:16 GMT -5
Post by Pink Rose on Sept 7, 2022 22:10:16 GMT -5
Putin warns the West will 'keep freezing' if energy price caps are imposed – and Russia will stop all gas and oil supplies
Putin said Western attempts to cap prices for Russian oil and gas were 'stupid'
The Russian leader, 69, warned EU leaders that Russia would walk away from supply contract if EU imposed price caps on the country's exports of gas and oil
If gas and energy supplies stopped, there would be devastating consequences
By RACHAEL BUNYAN FOR MAILONLINE
PUBLISHED: 05:33 EDT, 7 September 2022 | UPDATED: 15:36 EDT, 7 September 2022
Russian President Vladimir Putin today warned that the West will 'keep freezing' if price caps are imposed on Russia's oil and gas exports.
Putin told an annual economic forum in the far-eastern port city of Vladivostok that Russia will stop all gas and oil supplies if those price caps go ahead.
The Russian leader, 69, said that European calls for a price cap on Russian gas were 'stupid', and would lead to higher global prices and economic problems in Europe.
But EU chief Ursula von der Leyen this morning refused to back down and proposed that member states agree on a price limit on Russian gas imports.
'The objective here is very clear. We must cut Russia's revenues which Putin uses to finance this atrocious war against Ukraine,' the president of the European Commission told reporters.
The Group of Seven (G7) wealthy democracies announced plans to impose a price cap on Russian oil exports last week by barring insurance or shipping companies from helping Russia sell oil at prices above the set limit.
Putin warned the West that Russia would walk away from its supply contracts if they imposed price caps on the country's exports, adding that Moscow will have enough customers in Asia.
'We will not supply anything at all if it is contrary to our interests, in this case economic (interests),' Putin said. 'No gas, no oil, no coal, no fuel oil, nothing.'
He added: 'We would only have one thing left to do: as in the famous Russian fairy tale, we would sentence the wolf's tail to be frozen.'
'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.'
If Putin does stop oil and gas supplies from reaching Europe completely, this would have devastating consequences for ordinary people as it would increase already eye-watering energy prices.
Natural gas provided by Russia powers Europe's factories, generates electricity and heats homes.
Pointing to rising energy prices in Europe ahead of winter, Putin insisted 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.
He added: 'The demand is so high on global markets that we won't have any problem selling it.'
'An attempt to limit prices by administrative means is just ravings, it's sheer nonsense,' Putin added. 'It will only lead to a hike in prices.'
Just after his speech, Putin said on Russian state TV that Russia was discussing a major new infrastructure project to deliver gas to China via Mongolia.
Putin also said state-controlled oil company Rosneft had reached an agreement with the Mongolian government to expand cooperation over the supply of oil products.
EU energy ministers are due to meet on Friday to discuss how to respond to reduced gas supplies from Russia and a surge in prices that threaten to overwhelm businesses and consumers as demand rises in the colder months.
However, a plan to cap prices for Russian gas, one of the main measures being weighed by the EU, was thrown into doubt when a Czech minister said it should be taken off the agenda.
The Czechs are helping to guide discussions as holders of the EU's rotating presidency.
'It is not a constructive proposal, according to me. It is more another way to sanction Russia than an actual solution to the energy crisis in Europe,' Czech news agency CTK quoted Industry Minister Jozef Sikela as saying.
Continued at the link
Putin said Western attempts to cap prices for Russian oil and gas were 'stupid'
The Russian leader, 69, warned EU leaders that Russia would walk away from supply contract if EU imposed price caps on the country's exports of gas and oil
If gas and energy supplies stopped, there would be devastating consequences
By RACHAEL BUNYAN FOR MAILONLINE
PUBLISHED: 05:33 EDT, 7 September 2022 | UPDATED: 15:36 EDT, 7 September 2022
Russian President Vladimir Putin today warned that the West will 'keep freezing' if price caps are imposed on Russia's oil and gas exports.
Putin told an annual economic forum in the far-eastern port city of Vladivostok that Russia will stop all gas and oil supplies if those price caps go ahead.
The Russian leader, 69, said that European calls for a price cap on Russian gas were 'stupid', and would lead to higher global prices and economic problems in Europe.
But EU chief Ursula von der Leyen this morning refused to back down and proposed that member states agree on a price limit on Russian gas imports.
'The objective here is very clear. We must cut Russia's revenues which Putin uses to finance this atrocious war against Ukraine,' the president of the European Commission told reporters.
The Group of Seven (G7) wealthy democracies announced plans to impose a price cap on Russian oil exports last week by barring insurance or shipping companies from helping Russia sell oil at prices above the set limit.
Putin warned the West that Russia would walk away from its supply contracts if they imposed price caps on the country's exports, adding that Moscow will have enough customers in Asia.
'We will not supply anything at all if it is contrary to our interests, in this case economic (interests),' Putin said. 'No gas, no oil, no coal, no fuel oil, nothing.'
He added: 'We would only have one thing left to do: as in the famous Russian fairy tale, we would sentence the wolf's tail to be frozen.'
'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.'
If Putin does stop oil and gas supplies from reaching Europe completely, this would have devastating consequences for ordinary people as it would increase already eye-watering energy prices.
Natural gas provided by Russia powers Europe's factories, generates electricity and heats homes.
Pointing to rising energy prices in Europe ahead of winter, Putin insisted 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.
He added: 'The demand is so high on global markets that we won't have any problem selling it.'
'An attempt to limit prices by administrative means is just ravings, it's sheer nonsense,' Putin added. 'It will only lead to a hike in prices.'
Just after his speech, Putin said on Russian state TV that Russia was discussing a major new infrastructure project to deliver gas to China via Mongolia.
Putin also said state-controlled oil company Rosneft had reached an agreement with the Mongolian government to expand cooperation over the supply of oil products.
EU energy ministers are due to meet on Friday to discuss how to respond to reduced gas supplies from Russia and a surge in prices that threaten to overwhelm businesses and consumers as demand rises in the colder months.
However, a plan to cap prices for Russian gas, one of the main measures being weighed by the EU, was thrown into doubt when a Czech minister said it should be taken off the agenda.
The Czechs are helping to guide discussions as holders of the EU's rotating presidency.
'It is not a constructive proposal, according to me. It is more another way to sanction Russia than an actual solution to the energy crisis in Europe,' Czech news agency CTK quoted Industry Minister Jozef Sikela as saying.
Continued at the link
