G7 industrialized powers on Friday vowed to move urgently towards implementing a price cap on Russian oil imports, in a bid to cut off a major source of funding for Moscow’s military action in Ukraine.
Putin said Russia would respect its contractual obligations and hoped other countries would do the same.
“Those who are trying to impose something on us are in no position today to dictate their will,” Putin said.
“They should come to their senses.”
Pointing to rising energy prices in Europe ahead of winter, Putin insisted Russia would supply nothing outside of existing contracts, quoting a Russian fairy tale: “Freeze, freeze, the wolf tail”.
“They have several solutions. Either subsidizing high prices, which is bad because it won’t change consumer behavior… or reduce consumption,” he said.
“From an economic point of view, it is correct. From a social point of view it is dangerous, it can lead to an explosion. It is better to adhere to contractual obligations, to civilized rules,” Putin said.
Facing growing isolation and deteriorating ties with the West, Moscow is seeking to pivot the country towards the Middle East, Asia and Africa.
Speaking at the forum, Putin hailed the growing role of the Asia-Pacific region in global affairs.
“The role… of the countries of the Asia-Pacific region has significantly increased,” he said.
He added that partnerships in the region “will create colossal new opportunities for our people”.
