Putin: We will stop energy supplies if ceiling price is applied to Russian gas

Reacting to the plans of the G7 and the European Union to impose ceiling prices on Russian oil and gas products, Russian President Vladimir Putin said, “If it goes against our interests we will not send oil, gas, coal or anything.”

Russian President Vladimir Putin has announced that Russia will stop the supply of natural gas and oil if a price ceiling is imposed on Russian energy exports.

Reacting to the plans of the G7 and the European Union to impose ceiling prices on Russian oil and gas products, Putin said, “If it goes against our contracts and interests, we will not send oil, natural gas, coal or anything. The West is not in a position to dictate its terms to us, they should think logically.”

“PRICE CEILING IS STUPID”

The energy ministers of the European Union (EU) states plan to discuss the implementation of ceiling prices on Russian natural gas imports to rein in the escalating energy prices at the meeting on September 9.

Speaking at an economic forum in Vladivostok, Putin called Europe’s call for a price ceiling on Russian natural gas “stupid” and stated that Russia would terminate supply contracts if such a price ceiling was introduced.

“THE OUTLOOK FOR THE ECONOMY IS OPTIMISTIC”

Explaining that Russia is facing the economic, financial and technological aggression of the West, Putin said: “The currency and financial markets of Russia have stabilized, inflation is falling. The unemployment rate is below 4 percent, a historic low. Forecasts and assessments of the economy, including by entrepreneurs, are now much more optimistic. The economic situation has generally stabilized. But of course we see problems in some sectors and regions, in some enterprises in the country, especially those that export to Europe or supply their products there.

THE EU WILL PRESENT A BILL

Meanwhile, the President of the European Commission (EC) Ursula von der Leyen announced that they would propose to introduce a price ceiling for Russian natural gas. Also, the EU should go to a mandatory reduction in electricity use during peak hours and impose a ceiling on the income of companies that produce electricity without using natural gas.