EU proposes to cap price of Russian gas despite Putin threat
European Union’s executive body has proposed capping the price of Russian gas. Energy prices have soared in the wake of Russia’s military action in Ukraine, forcing the EU’s 27 states into action.
European Commission chief Ursula von der Leyen said we must cut Russia’s revenues which President Vladimir Putin uses to finance this war. European Union energy ministers are also meeting tomorrow for what the official invitation calls exchanges of views on the issue.
Russian President Putin threatened to completely cut energy supplies to the West if it tries to cap prices of Russian exports. He also vowed to press on with Moscow’s military action in Ukraine until it achieves its goals.
Speaking at annual economic forum in Vladivostok, President Putin scoffed at the EU plans for a cap on Russian oil and gas prices as a stupid idea that will only lead to a hike in prices.
An attempt to limit prices by administrative means is just ravings, it’s sheer nonsense, Putin said. He warned that such a move by the EU would represent a clear breach of the existing contracts, saying that Russia could respond by turning off the faucets.
European leaders have accused Moscow of weaponizing its gas exports in response to Western sanctions on Russian individuals and businesses.
While the Kremlin denies that is the case, the big Nord Stream 1 pipeline into northern Germany has been shut indefinitely, with Moscow directly blaming sanctions.
