Moscow will no longer deliver gas and oil to countries that decide to apply a price cap on Russian hydrocarbons. This measure, proposed by the G7, is not at all to Russia’s taste. This Wednesday, its president Vladimir Putin formalized that in the event of application of the cap, deliveries will be stopped. Cap prices “would be an absolutely stupid decision”launched Mr. Putin during an economic forum in Vladivostok (Russian Far East). “We will deliver nothing at all if it is contrary to 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 importing countries, said Mr. Putin 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 launched.
Act in a “civilized” manner
The Russian leader called on European countries to “come to your senses”at a time when voices are rising in the West to accuse Russia of using energy as a “armed” in retaliation for sanctions related to the Russian military intervention in Ukraine. Charges dismissed Wednesday by Vladimir Putin: “Another nonsense!”he launched.
According to the Russian president, Europeans, faced with soaring prices, “have several solutions: either subsidize high (energy) prices, (…) or reduce consumption”.
“From an economic point of view, it’s okay. But from a social point of view, it’s dangerous. It can cause an explosion. It’s better to respect contractual obligations, civilized rules.It is impossible to harm ‘objective’ economic laws. Otherwise it will come back to you like a boomerang”he warned
At the beginning of September, the G7 had announced the implementation of a cap on the price of Russian petroleum productss. He then encouraged a “large coalition” countries to take part in this initiative intended to deprive Moscow of part of its windfall from the energy sector. In response, Russia’s energy minister warned that Russia “would simply no longer deliver oil or petroleum products to companies or countries that impose such restrictions.