Price Cap: Putin Ready to Cut Gas and Oil Deliveries | War in Ukraine

Price caps: Putin ready to cut gas and oil supplies | War in Ukraine

Russian President Vladimir Putin during a conference at the Eastern Economic Forum in Vladivostok.

Russia will no longer deliver oil or gas to countries that cap hydrocarbon prices sold by Moscow, President Vladimir Putin warned on Wednesday, at a time when Westerners are working on such a measure.

Capping prices would be an absolutely stupid decision, he said during an economic forum in Vladivostok.

We will not deliver anything at all if it is against our interests, in this case economic. Neither gas, nor oil, nor coal […] Nothing, he added.

We will not supply anything outside the framework of the contracts signed with the importing countries, said Mr. Putin again in front of Russian and Asian economic leaders. But those who try to impose something on us are not in a position today to dictate their will to us, he said.

The Russian leader has called on European countries to come to their senses, as voices rise in the West accusing Russia of using energy as a weapon in retaliation for sanctions linked to the coronavirus. #x27;Russian military intervention in Ukraine.

Charges dismissed Wednesday by Vladimir Putin. More nonsense!, he launched.

According to the Russian president, Europeans, faced with soaring prices, have several solutions: either subsidize high prices [of energy] […] or reduce consumption.

From an economic point of view, this is correct. But from a social point of view, it is dangerous. This can cause an explosion, he warned.

It is better to respect contractual obligations, civilized rules, he argued. It is impossible to interfere with objective economic laws. Otherwise it will come back to you like a boomerang, he warned.

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