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Putin says he will cut off fuel supplies if Western price caps are imposed

Pipes in the landfill facilities of the Nord Stream 1 gas pipeline are pictured on March 8, 2022 in Lubmin, Germany. REUTERS/Hannibal Hanschke/File Photo

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VLADIVOSTOK, Russia, Sept 7 (Reuters) – President Vladimir Putin on Wednesday threatened to cut off energy supplies if price caps were imposed on Russian oil and gas exports, warning the West that it would “freeze” like the famous wolf’s tail. Russian fairy tale.

Speaking at an economic forum in the Pacific city of Vladivostok, Putin said European calls for a price cap on Russian gas were “stupid” and would lead to higher global prices and economic problems in Europe.

The Group of Seven last week announced plans to impose a price cap on Russian oil exports, which could restrict Russia’s ability to secure tankers and insurance from countries beyond the G7.

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Putin said Russia would walk away from its supply contracts if the West continued with its plans.

“Will there be any political decisions against the agreements? Yes, we will not fulfill them. We will not fulfill anything if it is against our interests,” Putin said.

“We don’t supply gas, oil, coal, heating oil – we don’t supply anything,” Putin said.

“There is only one thing left for us to do: as in the famous Russian fairy tale, we sentence the wolf’s tail to freeze.”

Russia is the world’s second largest oil exporter after Saudi Arabia, the world’s top natural gas and wheat exporter. Europe typically imports 40% of its gas and 30% of its oil from Russia.

Putin blamed Germany and the West for the Nord Stream 1 pipeline not working, and Ukraine and Poland decided on their own to switch off other gas routes to Europe.

Europe is facing a winter energy crisis and after Gazprom ( GAZP.MM ) completely shut down gas supplied through Nord Stream 1, it said an engine oil leak was found during maintenance work. Read more

“Nord Steam 1 is now practically closed,” Putin said as he called on Germany to return a turbine for the pipeline’s Portovaya compressor station that would allow Russia to resume pumping gas.

“There’s an oil spill – it’s probably an explosive situation, a fire hazard. The turbine can’t work. Give us a turbine and we’ll turn on Nord Stream 1 tomorrow. But they won’t give us anything,” he said.

But Putin said Moscow was ready to return the critical Nord Stream 1 gas pipeline to Germany as soon as a key turbine returned to Russia from repairs.

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Reporting by Vladimir Soldatkin; Writing by Jake Cordell; Edited by Guy Faulconbridge

Our criteria: Thomson Reuters Trust Principles.

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